"Correction still unfolding"
For all of the REALTOR® talk about the real estate market finding a bottom, I don't see much agreement from home builders. Home builder CEOs in the past week and a half, including Beazer, Centex, Meritage and Ryland are all saying that they don't see a bottom yet.
snip...
[The company (Centex) also warned the housing market could still be in the early innings of the current slowdown.
"This housing correction is still unfolding," CEO Eller said. "Although we're seeing some encouraging signs in some markets, it's still too early to call the bottom."]
Full article...
snip...
[The company (Centex) also warned the housing market could still be in the early innings of the current slowdown.
"This housing correction is still unfolding," CEO Eller said. "Although we're seeing some encouraging signs in some markets, it's still too early to call the bottom."]
Full article...
posted by Little_Silvered at 6:27 PM
8 Comments:
Anytime you hear a CEO of a home building company give anything less than a rosy picture, you know they feel things are even worse than they're letting on.
Unless of course it is Zuhdi Karagjozi of Kara Homes fame. In his case, well Zudi was always a front runner. Rated Number one in terms of business expansion during the good times, he again achieved the top spot in terms of business contraction once the real estate market headed South. Way to go Zudi. Now that you and Betsy are selling off your local real estate holdings, I'm guessing that the one-way tickets to Albania have already been purchased. I wonder what the extradition laws are with Albania?
We need another Kara blog posting setup mod.
Thanks,
I think NAR has found a "bottom," the uninformed buyer who believes their stuff--they're gonna get screwed@
http://www.bloomberg.com/apps/news?pid=20601087&sid=axOTCalAlyrM&refer=home......Just the facts
Yes the Bloomberg article does state the facts- no one is quite sure which direction the economy is going in and there is not enough evidence to make a determination.
http://money.excite.com/jsp
/nw/nwdt_rt_top.jsp?
news_id=ap-d8mt5iio1&
Here's another take on that same data. Some excerpts:
Friday January 26, 2:40 PM EST
WASHINGTON (AP) — New home sales fell in 2006 by the largest amount in 16 years, but they were up for a second straight month in December, raising hopes that the worst of the housing downturn is coming to an end.
Analysts attributed the big declines in 2006 to a cooling of that speculative boom. That reversal has given the housing industry its toughest downturn since the recession of 1990.
David Seiders, chief economist of the National Association of Home Builders, said he looked for home prices to continue to be depressed in 2007 as builders scramble to reduce near-record levels of unsold homes.
Seiders said he looked for new home sales to be essentially flat for 2007. He predicted that new home construction, which fell by 12.9 percent last year, will fall by another 14 percent in 2007.
David Lereah vs. Peter Schiff video catfight on Neil Cavuto. Meow!!!
Blowhard homedebtors Neil Cavuto and David Lereah team up to take on Peter Schiff on whether there's a housing crash underway.
Peter talks about prices are ridiculously high, bid up in a speculative mania with lax lending standards, how renting is significantly cheaper than buying, and how Lereah and the NAR are acting like the dot-com stock touters in the '90s. He predicts a collapse of 50% to 70%.
The Corrupt David Lereah spouts about how the media is talking about a bust when it's not a bust, and how their $40 million ad campaign is to counter the bubblemeisters. Pleads that people shouldn't compare the real estate bubble to stocks in the '90s.
Hilarious video. Enjoy!
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