Lakewood Homes Forms Consulting and Construction Company to Service Lending Institutions

HOFFMAN ESTATES, Ill.--(Business Wire)--
Lakewood Homes, one of Chicago`s leading home builders, has formed a new
consulting and construction company, Lakewood Home Building Solutions, to
service lending institutions with numerous foreclosed properties.

"Given the current housing market, we felt our expertise could be of service to
institutions that need to rehabilitate and market the large number of foreclosed
properties," said Buz Hoffman, president of the new company.

Lakewood Home Building Solutions will offer a variety of services to lenders,
including project evaluation, market analysis, construction management and
general contracting, rental management and sales and marketing.

"During the first quarter of this year, Illinois had the nation`s fifth highest
total of foreclosures, with 38,966 properties receiving a foreclosure filing - a
32 percent increase from the previous quarter and a 68 percent increase from the
first quarter of 2008," according to Hoffman.

"With one in every 135 housing units receiving a foreclosure filing, we think
there is a tremendous need for banks and other lenders to efficiently and
successfully manage and market these properties without having to add staff or
simply auction them off as is and take a significant loss," Hoffman said.

Lakewood Home Building Solutions already has several clients that they are
helping to manage their real estate portfolios. Lakewood Homes has built more
than 14,000 homes in the Chicago region.

About Lakewood Home Building Solutions

Lakewood Home Building Solutions is a consulting and construction company that
offers timely advice and home building services to lending institutions who find
themselves facing challenges. Lakewood Home Building Solutions is associated
with Lakewood Homes, one of the Chicago area`s leading homebuilders and the only
homebuilder to be ranked by J.D. Power & Associates first in customer
satisfaction six times. The company`s principals have more than 100 years of
combined real estate experience.

for Lakewood Homes
Jonathan Dedmon, 312/553-0700

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