Lennar Corporation (NYSE: LEN) has posted its results and the initial loss reported is huge at -$7.92 per share. But the loss is from writedowns and charges of $7.50 per share (outlined below); so…
This much is known. Foreclosure rates fell from October to November. Perhaps the mortgage mess has found a bottom. The risks are still present, but the market may have found some footing, for now.…
The federal government and several large mortgage lenders have a plan to freeze loan rates for certain subprime borrowers. The Wall Street Journal writes that ‘The Bush administration and major financial institutions are close…
Everyone keeps predicting one or more of the large US Homebuilders is going to implode because of their overbuilding and inability to sell new units at their old highly profitable margins. Most of these…
DH Horton (DHI) reported a net loss for its fourth fiscal quarter ended September 30, 2007 of $50.1 million, or $0.16 per diluted share. The quarterly results included pre-tax charges to cost of sales…
CNN Money reports "the chaos in the mortgage markets is only going to get worse in 2008 and will put a dent in U.S. mortgage bank earnings, according to a report released Tuesday by…
Countrywide (CFC) said "it funded 48 percent fewer home loans in October than a year earlier," according to Reuters. The news agency said Countrywide said it funded $22 billion of home loans in October,…
Robert Shiller, is a Yale University economist and co-developer of Standard and Poor’s S&P/Case-Shiller Home Price Indices, a highly regarded measurement of the housing market. He believes that home prices could go much lower…
Toll Brothers (TOL) said for the fourth quarter, home building revenues of approximately $1.17 billion declined 36% compared to FY 2006’s fourth quarter results. Backlog of approximately $2.85 billion declined 36% compared to FY…
Distressed debt investor TCW Group and hedge-fund firm Marathon Asset Management have begun looking at buying assets in the mortgage market. But, they have not moved in yet, as far as anyone can tell.…
After reviewing the 52-week lows today, it was almost the same old trend we have been seeing day in and day out…. Lenders… Banks… Homes… and Consumer…What is obvious is that the FOMC can…
DH Horton (DHI) reported net sales orders for the fourth quarter ended September 30, 2007 of 6,374 homes ($1.3 billion), compared to 10,430 homes ($2.5 billion) for the same quarter of fiscal year 2006.…
By Frank Lara, Correspondent to 24/7 Wall St. ZipRealty, Inc. (NASDAQ::ZIPR) finished the day at $5.74 a share, a fry cry from its 52-week high of $8.49. Today (10/11) they cut their revenue outlook…
The housing situation in the US may be getting bad enough so that one or more of the major home builders could face Chapter 11, especially if the downturn goes deep into 2008. Bloomberg…
The National Association of Realtors monthly Pending Home Sales Index for August came in at 85.5, Month on Month -6.5%, and Year over Year -21.5%. This is perhaps the worst data on recent record,…