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Despite market conditions, home builder says it is on track to deliver 3,000 homes in 2007 and end the year with a profit.
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Builder of Richmond American Homes takes $145.4 million in write downs as slow sales savage the bottom line.
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Impairment charges combine with poor market conditions to result in a $40.2 million loss.
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to find out how to boost revenue, reduce costs, and get your business through the current doldrums.
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Closings and orders fall as impairments of $86.9 million are taken; company announces internal inquiry into its mortgage origination business.
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Closings were down 37%, average prices were down 2%, and orders were down 21%.
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Company manages to eke out a profit in spite of the downturn and says cancellation rates and inventory have been reduced.
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Builder says a decline in closings and margins, as well as write-offs, took their toll on earnings.
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Strong gains in the Northeast and Midwest outpace declines in the West and South as median and average prices rise and inventory shrinks.
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NAR reports the biggest sequential drop in 18 years while the Conference Board says consumers are taking a dimmer view of the economy.
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Home builder turns to a pro with deep experience to handle its financials.
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Earnings announcements and conference calls from home building companies will join with data on new and existing home sales, consumer confidence and GDP in what some investors think will prove a perfect storm of bad news.
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Company beat estimates on Wall Street but is still negatively affected by the downturn in the housing market.
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Subprime mortgage unit will go to Cerberus Capital, but not before causing the company known for tax-preparation services to post a loss for the 2007 fiscal year.
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Impairments and other write-downs mask a lesser drop in revenues from home building.
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Company to offer to refinance subprime ARMs to 30-year fixed mortgages with a discounted rate.
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Starts, permits and completions were up for the month, portending a further increase in supply overhang unless there is a turnaround in sales.
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As sales sank and cancellations crested last year, production builders insisted they could stem margin erosion by exacting concessions from their trade partners. And through the early months of 2007, suppliers confirmed that builders were pressuring them for price breaks; although, with some...
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Veteran moves up to vp of operations of maker of Merillat and Quality Cabinets.