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McStain Neighborhoods employees will work out of a virtual office when the company closes its Louisville headquarters by the end of the month.

“We will be connected by IM (instant messaging), e-mail, BlackBerrys — all the technology that wasn’t available 10 years ago that makes this possible now,” said Steve Caulk, a company spokesman.

McStain already has cut staff from 115 about two years ago to 20.

Rising unemployment, falling home and stock prices are reducing
demand for new homes.

Treasury Secretary Henry Paulson’s plan to
abandon purchases of troubled mortgage assets may keep the mortgage
market from unclogging as banks maintain strict lending standards,
Raymond James analysts Paul Puryear and Buck Horne wrote in a
report today.

“Given the results and commentary evident from the recent earnings
season, it is clear in our view that the U.S. consumer and
homebuyer have gone into a state of shock,” Puryear and Horne
wrote. “New home sales in builder communities have fallen to new
all-time low levels. Mortgage lending standards have tightened even
further in recent weeks.”

Homebuilders are lobbying Congress and have created a Web site,
called Fix Housing First, that offers “a housing recovery plan to
revive the American economy.” The plan calls on Congress to enact a
tax credit of up to $22,000 for consumers buying a primary
residence. The builders also want Fannie Mae and Freddie Mac to buy
low rate Federal Housing Administration insured loans at full price
and resell them at lower prices and subsidize the difference.