Yesterday the N&O announced that Suntrust will be seeking foreclosure proceedings on Hasentree, a Creedmoor Partners development.   That, just on the heels of prominent MacGregor Development companies announcement that they are seeking bankruptcy protection. The next domino in the Luxury Home Market to fall will be Wakefield Development which is developing the 12 Oaks project in Holly Springs. The developers in the area had tremendous success with previous developments like Preston, MacGregor, and Wake Forest  and led them to believe that they could continue to build $700k plus homes. With the recent downturn in the economy and economic growth slowing to a standstill they couldn’t have been more wrong.