The U.S. housing market appears to have peaked and some regions may see a �substantial reduction� in condominium values, Countrywide Financial Corp. Chief Executive Angelo Mozilo said in an interview with Bloomberg News.
�I have been doing this for 53 years and it seems we�re at a level where we�re topping out,� Mozilo said during the interview while on break from the Business Council meetings in Kiawah, S.C.
Mozilo said that in areas of �high speculation,� like in some counties of Florida and in Las Vegas, the condo market could experience a 20 percent reduction in prices.
The same can�t be said for the single-family home market, said Mozilo, because the economy is strong and there isn�t a problem with high unemployment, like existed in previous housing bubbles that burst.
�I see a leveling off for a protracted period of time in values where we have had high inflation,� said Mozilo. �I don�t see any substantial discount.�
BUT............ if they don't build????? Their fixed cost goes down the toilet plus the option cost, plus the stock goes to zero because they miss all their numbers anyway. If they DO build they won't be able sell their overpriced crap, buyers cancel or wait till prices DROP and they still lose their ass. Either way, MTH is screwed and so are you.
they can't afford anything else! i care about profits....if meritage can find a way to provide those people a home they couldn't get otherwise, and they are happy with it, and we make some money, then everybody wins.
A small homebuilder in Ohio and Kentucky is having lower-than-expected home sales and deliveries. This is not a negative at all for Meritage. In fact, it's a slight positive. Some of those people are probably leaving the Ohio/Kentucky market for one of the hotter markets (where Meritage is).
I believe the larger builders predicted this would happen to the smaller builders. As the larger builders gain control of the prime buildable land, the small builders will find it more difficult to compete.
SAN FRANCISCO (MarketWatch) -- Dominion Homes Inc. after Friday's closing bell said its third-quarter earnings will come in below analyst expectations due lower-than-anticipated home sales and deliveries. One analyst polled by Thomson First Call currently expects earnings of 38 cents a share. The Dublin, Ohio-based company said it sold 433 homes during the third quarter compared with 598 homes a year ago, a drop of 28%. The sales value of the homes sold during the third quarter decreased 25%, to $81.8 million from $109.4 million last year. Dominion delivered 549 homes in the quarter, down 33% from 820 homes delivered a year ago.
In PHX landfills are converted into parks and trails. Scary but true, it only increases in house values.--------Check yahooor google or new homes or just visit azcentral.com to get a better pic and feel of Arizona .
America west just aquired US air. and US air to move from scenic pittsburg to landfill next to airport- thts considered fortunate.
Phxis hub for us air and SW air.
wells fargo is moving big time from SF bay rea 6000 plus employees and each may need two homes not one, cause in PHX avg homeowner owns multiple homes. LOL.
I only exit a position based on charts. You might want to spend some time in Arizona and take a look at the neighborhoods that MTH is building in. Their biggest subdivision in town is next to the Airport right by the landfill. I cant wait till next summer when the weather reaches 125 and all the people realize why it�s a bad idea to own a home next to a landfill