Builder files for bankruptcy

TOUSA Inc, parent company of the builder behind New Tampa's Live Oak Preserve, filed Tuesday for Chapter 11 bankruptcy.

The Florida company, which also built Pasco County's Tampa Bay Golf & Country Club, blamed the credit crisis, falling home prices, low consumer confidence and high inventory for its troubles.

It promises "business as usual" as it restructures. TOUSA is the second builder active in the Tampa area to file for bankruptcy. The first was Levitt & Sons, active in Hernando County.