Tuesday, February 14, 2006

Flippers are Leaving the Market

Conglomerate Cendant Corp. reported financial results this morning and said that they expect a soft landing for the real estate market.

NEW YORK (Dow Jones)--Cendant Corp. (CD) Chief Executive Henry Silverman says the real estate market continues to be strong through most of the country and results at its real estate business should improve during the second half of 2006.
"We continue to expect a soft landing for the real estate market in 2006," Silverman said on a conference call Tuesday to discuss the company's fourth-quarter results.
Cendant's real estate brands include ERA, Coldwell Banker and Century 21. The New England, California and Florida markets are the hardest hit, not surprisingly, because those where much of the housing market speculation has been reported, the executive said. December default rates - the number of unclosed contracts - spiked 30%, he added, as house flippers departed the market.

Wire story, sorry no link.

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Wednesday, February 15, 2006 4:55:00 PM  

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