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Citing untenable market conditions, homebuilder C.P. Morgan Homes Inc. announced it is closing its doors and ceasing operations effective Feb. 27, 2009. One of Central Indiana's most dominant builders of single-family homes for more than two decades, the Morgan firm said the collapse of the real estate industry "makes it impossible for us to serve our customers effectively and remain viable." "This is one of the most difficult decisions I've ever had to make," said Charles P. Morgan, company founder and chairman. "With home prices dropping precipitously, resulting in millions of foreclosures, we believe our industry will be in trouble for many months to come. Unfortunately, I believe it's a crisis that will swallow up many companies like ours all accross the nation." Morgan said all homes under construction have been completed. Applicable warranties on all Morgan homes will continue to be honored by a residential warranty company as outlined in each homeowner's warranty manual. Calling the housing crisis "the worst catastrophe I've seen in my lifetime" Morgan said the company did everything possible to prevent this from happening and could not have anticipated this as little as six months ago. In its 26 year existence, the company built more than 25,000 homes in some 200 Indianapolis and Lafayette, Ind., neighborhoods in addition to the Charlotte and Piedmont Triad areas of North Carolina. C.P. Morgan Company Press Release