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Meritage reduces the total available under its revolver and gains relief from certain covenants; Dominion, technically in default, seeks an extension on its credit line.
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Commerce Department reports 8.3% drop in sales amid falling prices.
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Company takes $690.1 million in impairments as revenues fall 32%, deliveries off 28%, prices drop 7%, orders fall 6% and cancellation rates fall from 60% to 50%.
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Only certain regions report, and among them, not all the sales have held up due to credit and other issues.
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Christopher J. Hanlon, senior vice president as well as chief operating officer of WCI's tower building division, is leaving at yearend to pursue other opportunities.
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CEO says there are limits to how much price cutting Lennar will do, no matter how bad the market looks. "We have stopped short of fire-selling our homes."
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Treasury prices rose sharply Tuesday, after home builder Lennar Corp. reported a big loss and a national report showed existing home sales at a five-year low in August.
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Conference Board exec: "This is not good news."
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NAR reports 4.3% drop across all regions, led by a 9.8% decline in the West; inventory hits 10-month supply.
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S&P/Case-Shiller Index falls 3.9% for 20-city database; for the top-10 cities, a drop of 4.5% is the biggest since 1991.
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Revenues fall 44%, deliveries sink 41%, sales drop 48%, and average prices tumble 6% as company takes $847.5 million of home building valuation adjustments and write-offs.
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Company plans to allow affiliates of lenders to short its stock while it borrows $100 million to draw down its revolver.
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Company is optimistic that the Fed rate cut will spur interest in its first community in this market, which is set to open for sale this weekend.
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Year over year, starts were down 19.1% and permits down 24.5%.
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CEO Mizel says new homes are being tailored to the customer as company strives to make the home buying experience better.
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CEO Robert Toll sees no purpose in selling off homes and property the company spent years shepherding through the approval process.
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Move is double what Wall Street expected.
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Strategy is to deleverage the company by closing down and selling-through select divisions while keeping a focus on cost control.
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Execx say company is closely monitoring closings and adjusting starts in a proactive effort to offset the dislocation caused by the mortgage market.
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Company reports more than 2,100 gross sales; 1,700 contracts were signed, and 400 sales deposits were taken during a weekend event in 31 states that featured incentives ranging up to $150,000. UPDATED