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Oct. Case-Shiller indices drop another 2.2%; prices now back to March, 2004 levels.
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The FDIC chair defends her mortgage modification crusade, bank bailouts, and more.
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Meritage and Ryland follow Hovnanian in adopting provisions meant to prevent "change in ownership" under tax law.
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The FDIC chair defends her mortgage modification crusade, bank bailouts, and more.
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Company aims to continue operations while it restructures its debt under protection of the bankruptcy court.
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Big Builder Online survey for the week of 12/22/08
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Wachovia Bank has finalized the deal to restructure $22.2 million of Comstock Homebuilding Cos.' outstanding borrowing base by distributing it across three new loan facilities.
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November new home sales off 2.9%; existing home sales dive 8.6%.
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Standard Pacific Homes's new CEO might not have a home building background, but since there aren't many homes being built these days, his particular skill set might be more valuable to the company.
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With an economic stimulus sequel on the fast track on Capitol Hill, special interest groups from sectors as diverse as aviation and banking are trying to elbow their way closer to the front of a long line of industries in need of some help from their lawmaker friends.
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Without offering specifics on the nature of any possible transaction, a TOUSA spokesperson said, "I think we can safely say that we would hopefully have something more concrete...a term sheet or something along those lines...by the end of January."
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Pulte Homes, Toll Brothers, and D.R. Horton have exited Phoenix's Desert Ridge project, giving back approximately 689 acres of land purchased from the Arizona State Land Department for $82.5 million.
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Big Builder Online survey for 12/15/08
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After shares dive on heavy volume, company issues unusual statement confirming that discussions "regarding a possible transaction" are underway.
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Home builders are marketing against the pitfalls and warts associated with foreclosed properties as well as developing product to address the potential buyer of a foreclosed house.
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Conference Board index provides fresh evidence of the deep downturn in the economy
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Standard Pacific Corp. (NYSE: SPF) early Thursday announced that its board has elected Ken Campbell president and CEO, succeeding Jeffrey Peterson, who will remain on the company's board.
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Takes $221.1 million in impairments and write-downs as well as a FAS 109 charge to deferred tax assets of $730.8 million.
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Meritage Homes Corporation (NYSE:MTH) late Wednesday announced the promotion of Steve Davis, its executive vp of national home building operations, to the newly created position of chief operating officer.
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KB spokesperson Cara Kane stated in an email: "KB Home has made the strategic decision not to invest in additional communities in Atlanta and make a gradual transition out of its operations in the market."
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CEO Ara Hovnanian says the company will maximize cash flow, even at the expense of margins, as it awaits a turnaround in the market.
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Watch this Web seminar to hear consumer trend expert Shyam Kannan share the results a year-and-a-half long study on the new wave of home buyers. Learn what they want, how they want it, and how to market your homes to them.
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Company takes $319.9 million in impairments and write-offs and a FAS 109 charge to deferred tax assets of $169.5 million for the quarter.
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Consumer prices in November fell at the fastest rate since the government began its tracking series in 1947, the Labor Department reported Tuesday.
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Seasonally adjusted annual rate falls to 625,000 units, shattering the previous record low of 798,000 set in January, 1991.
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Results of Big Builder Online survey for Dec. 8, 2008
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Economy, housing slump take toll on industry association.
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Housing Market Index remains at November's record low of 9, prompting futher calls from NAHB for government action to stiumulate the housing market.
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Retail sales declined 1.8% in November, better than the 2.2% decline that was expected by economists, and producer prices continued their march downward, falling 2.2% during the month, according to a pair of government reports issued Friday morning.
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CFO Larry Seay will take over duties in mid- to late January.
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CFO Larry Seay will take over duties in mid- to late January.
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Rassman, who will soon begin treatment, "will continue to maintain his positions and perform his duties with the company and will continue to lead the strong department that he has built," the company said in a statement.
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Reading of 88.9 is down 0.7% from September; Realtors say market is in a "stable" range.
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Analysts at Citigroup are forecasting approximately 6.5 million to 8 million foreclosures will occur within the next few years.
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The bank, which formed a lending syndicate to fund the $557 million purchase from the Bureau of Land Management as well as the property's development, alleges breach of contract by subsidiaries of Beazer Homes USA, KB Home, Meritage Homes, Pardee Homes, Toll Brothers, Weyerhaeuser Real Estate Co....
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Builders are cutting back everywhere, but they are finding creative ways to keep their design centers open.
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Big Builder Online Survey for week of 12/1/2008
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Company chairman sold 6,096,175 shares in a private transaction to an unidentified investor who plans to hold the stock, according to an SEC document filed Friday, Dec. 5. He originally paid an average of $16 for each share.
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Employment falls at fastest pace in more than 30 years; unemployment rate rises to 6.7%.
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CEO Toll said the company is seeing a slight ease in liquidity and is working on a couple land deals that are "appropriate in quality, but not in price."
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"The land holdings weighed down too much to generate any amount of revenue. It was too much for them," said Lance Ramella, principal at RW Real Estate Advisors in Oakbrook Terrace, Ill.
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Operational results were ugly--the company saw its losses quadruple the previous year--and the expectation was set that the results through September were worse. However, the company doubled its cash position in the quarter from the previous year and was working on a plan that would address...
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William J. Pulte, chairman of Pulte Homes, Inc., on Wednesday filed with the Securities and Exchange Commission a sale agreement covering 5 million shares of company stock, or approximately 12% of the shares he controls.
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Loss of 49 cents per share, in line with estimates, includes impairments and write-downs of $175.9 million.
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An agreement with Bank of America was reached Dec. 1 to restructure $8.8 million of debt; the builder also agreed to cooperate with the bank in regards to foreclosures on three of its Atlanta real estate projects.
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Company drops reorganization plan; will finish started homes and liquidate remaining assets.
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Even with more than $584 million in cash on hand, Beazer Homes USA must tend to its financials to get its debt-to-capitalization ratio down below 75%, executives said during a Tuesday, Dec. 2 earnings conference call.
Dinner with M.D.C. Holdings chief Larry Mizel.
2009 financial outlooks from a behavorial economist, a traditional economist, and a policy expert.
Purchasing agents and suppliers put aside past differences to find a recipe for improvement in 2009.
In troubled times, home building industry professionals collaborate to rethink systems and processes for improved efficiency and savings on the back end.
Three opportunities for builders to improve their top and bottom lines by better putting to work their sales and marketing dollars.
Builders must adjust product lines while obtaining loan terms that make sense in prime locations.
From asset-light to tax carry backs, the finance group finds ways to make the most out of less.
Key home building executives collaborate during a one-of-a-kind industry event.
Figuring out foreclosures, tapping liquidity, and a strong housing stimulus will lead to improved market numbers.
There's no time like the present to remember your value to society.
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Company determines that heavy trading in its stock did constitute an ownership change under IRS tax law, resulting in a $398 million charge to deferred tax assets.
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IRS ownership change rule could prove costly: At stake is the ability to write losses against income taxes paid in prior years.
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Move will bring 150 jobs to ailing Michigan economy.
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Pulte Homes is in the process of making a deal with the New Jersey Clinton Township council to sell 292 acres of its Windy Acres development for $7 million, with the condition that the town purchase the property before year's end; in turn, Pulte will drop a lawsuit against the town that has been...
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LandSource Communities Development is asking a bankruptcy court judge to allow it to sell off land through a streamlined approval process in order to generate cash more quickly.
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Big Builder Online Survey for week of Nov. 24, 2008
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In extreme cash preservation mode, Pulte Homes announced Monday Nov.24 there would be no quarterly dividends for stockholders after the new year. Shareholders of stock on Dec. 22 will be paid 4 cents a share.
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10-City and 20-City Composite Indices continue to set new records, with annual declines of 18.6% and 17.4% in September, respectively.
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Fiscal fourth quarter results include $1.15 billion in impairments and write-downs as revenue drops 50% and closings decline 40.7%.
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Home owners claim water stops midshower, washing machines halt midcycle, toilets take hours to refill, and at times no water at all comes out of faucets.
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In the weeks since the close of D.R. Horton's Sept. 30 fiscal year-end, news of the company's efforts to shed land has cropped up in markets from
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When asked if they felt centralized design centers would remain prevalent as builders return to core activities and business practices, results were pretty evenly mixed, with 42.5% of respondents saying yes, 45.0% saying no, and 12.5% remaining unsure.
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National median price falls to 2004 level after the sharpest decline on record.
Who says you can't have your cake and eat it, too?
Quite apocryphally, Hovnanian Enterprises CEO Ara Hovnanian gets credit for one of the residential construction industry's most quotable quotes: “Home building is a 200-year-old tradition, unimpeded by progress.” As eloquent and astute as Ara may be, he didn't coin that phrase, but he certainly...
Looking for insights into one of the fastest-growing demographics in the U.S.? Well, look no further. Born in 1979, my name's Sandra Brown—Sandy, for short—and I am Gen-Y.
As Gen-Y —all 80 million of them— climb toward their peak home buying years beginning in 2012, a certain female subset known as WINKs—women with income and no kids—is poised to rock housing's world.
When Allison Crouch bought her first place at the age of 24, she knew she wasn't going to live there forever.
In fewer than four years, the great population bulge that has been dubbed Generation Y will begin entering the new-home market, and as they move in, they are likely to change the way things are done in the home building business.
You likely have heard of DINKs (Dual Income, No Kids), but have you heard of WINKs? Well, you had better get familiar with them, because they are coming fast—if they haven't knocked on your door already.
In mid-October, the U.S. government turned on a $250 billion heater in an attempt to thaw the iced-up world of credit markets, announcing a three-pronged initiative to reignite the flow of funds between banks and encourage lending to customers.
For the predominantly patriarchal organizations that home building companies large and small are, the late 1970s Fleetwood Mac anthem “Don't Stop (Thinkin' About Tomorrow)” never carried so critical a chorus line.
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In search of sales, companies are helping potential buyers fix their credit and put money aside to be used as a down payment.
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Struggling devleoper says Ed Nolan is leaving to pursue other interests.
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The Conference Board reported Thursday morning that its Composite Index of Leading Economic Indicators declined 0.8% in October, following a 0.1% increase in September, and a 0.9% decline in August.
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In its largest land purchase since the July 2007 merger of Taylor Woodrow and Morrison Homes, Taylor Morrison has bought 116 acres of land in Surprise, Ariz. from CPI Surprise Farms, LLC.
Organizations urge Congress to pass a housing stimulus package that addresses demand.
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Commerce Department reports new residential construction falls to annual rate of 791,000 units and permits decline to 708,000 units.
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This morning, The Home Depot reported a 30.7 percent decline in earnings, to $756 million, for the three months ended Nov. 2. The Atlanta-based retailer's revenue during that period was off 6.2 percent to $17.8 billion, and sales from stores open at least a year fell 8.3 percent. Through the first...
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Builder group working "hand in glove" with Realtors to present unified front in pushing Congress to stimulate demand for housing.
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Builders' view of the market, the dimmest ever, falls to an index level of 9--that's on a scale of 100.
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Declines in the West drive national median price down to $200,500 as four of five metro areas post year-to-year losses.
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Wachovia siezed property, bought it back on behalf of creditors at auction, and now seeks $358 million in completion guaranties from the original builder partners.
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Results of Big Builder Online Survey for week of Nov. 10, 2008
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Comstock Homebuilding Companies, Inc. (Nasdaq:CHCI), Reston, Va., on Monday reported a net loss of $2.2 million (-$0.13 per share) for the third quarter, ended Sept. 30.
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Albert F. Moscato Jr., senior vice president of business development for WCI Communities, has become the most recent executive to pass through the swinging employment door at the company, which is in Chapter 11 bankruptcy.
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Barclay's Bank has agreed to hold off on a court hearing seeking to force an auction off all the assets of LandSource while it negotiates with the operators of the giant land development now under Chapter 11 bankruptcy court protection to develop a plan to reorganize the company.
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Closings fall 23.9%, orders plummet 59% as company takes impairments and write-downs of $22.3 million.
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CEO plugd Fix Housing First at UBS investor confab and delivers a message of hope with demographic statistics pointing to the favor of home builders.
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CEOs of Toll, Meritage argue for housing stimulus.