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The slowing real estate market has claimed its first victim among local home builders.

The nearly four-year-old AmericaBuilt Construction Inc. and its affiliate, AmericaBuilt Communities Inc., filed for Chapter 11 bankruptcy reorganization Thursday.

The companies, which made $12 million in sales last year, are reorganizing in response to the housing market downturn, which has resulted in fewer people getting financing for new homes, said Eric Slocum Sparks, company attorney.

The filings list as creditors numerous contractors owed as much as $238,000 for their work, as well as individuals who have paid deposits of up to $351,000 for homes under construction.

AmericaBuilt Construction is the building arm of the company, while AmericaBuilt Communities owns the real property and the homes, Sparks said.

"I assume AmericaBuilt is the first of many that are going to have to reorganize in order to stay in business," he said.

The companies' owner, Ron Peetz, is working to finish building the homes for which deposits have been received, Sparks said. Peetz could not be reached for comment.

"The intent is to build out all these properties, get these properties sold and stay in business," Sparks said.

AmericaBuilt Communities' list of 20 largest creditors includes individuals who have put down anywhere from $3,000 to $351,000 for new homes.

Sharon Chaimson has about $28,000 tied up in her home-to-be in Vactor Ranch, the site of the defunct Tack Room restaurant.

"I was very surprised that happened at that subdivision, and I'm hopeful that the home will be completed in a timely fashion," Chaimson said.

It's in an attractive part of the city, because there isn't anywhere left to build in that area, she said.

Amy Shimel, who with her husband has given AmericaBuilt $3,000 in earnest money to build a home near Interstate 10 and South Craycroft Road, said she was surprised to hear of the bankruptcy filing.

The couple put their money down in December and have seen several building delays since then, but nothing that alarmed them, she said.

The company always communicated quickly when there was a delay and gave good reasons whenever it happened, Shimel said.

Sparks, the attorney, said AmericaBuilt is working on getting permission to use money from sold homes to finish building homes for which deposits have been taken.

"All the people that have put up deposits for homes to be built, I think they're in good shape," he said.

AmericaBuilt Communities has about $8 million to $9 million in secured debts — that is, debts to banks and financial institutions — and if AmericaBuilt Construction were to liquidate all its existing lots without developing them, the company could pretty much break even, Sparks said.

But it stands to make money by developing those lots and selling the homes, he said.

Meanwhile, subcontractors are waiting to be paid as well.

"We're really hoping they're going to pull through," said Jennifer Green, office manager for ROR Construction Co., which is waiting for $238,000 in payments from AmericaBuilt.

"We're not a big company. That's a lot of money to us," she said.

The Chapter 11 filing has affected ROR's ability to pay some of its own bills, but ROR will continue working with AmericaBuilt, Green said.

"They were always a good business to work with," she said. "We all know what the housing market is doing right now."

Donald Strittmatter, another of those waiting for a new home, said he isn't worried about the $351,000 or so that he already has given to AmericaBuilt.

"They don't owe us any money," he said. "We pay for it as they finish a portion of the construction."

At the time of the Chapter 11 filing, the home was about a month away from completion.

Strittmatter said he's pretty confident that it will be completed soon enough once the court decides how best to consolidate the company.

"I think they're a good, solid company," he said.