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From Sacbee.com Dunmore Homes files for bankruptcy protection Seeking protection from creditors, Granite Bay home builder Dunmore Homes filed for bankruptcy late Thursday as it tries to restructure its tangled finances. The move comes six weeks after Michael A. Kane, a Comstock Mortgage senior loan consultant in Sacramento, bought the firm from its [...] Last month I speculated that Beazer Home USA Inc. (BZH) had thrust themselves forward as the most likely candidate to file for Chapter 11 amongst the major US homebuilders. Beazer moved one step closer to that reality yesterday by cutting their dividend to shore up their capital position. From marketwatch.com Beazer Homes eliminates dividend [...] From Bloomberg: Pulte Reports Loss on Writedowns, Tumbling Home Sales Pulte Homes Inc., the third-largest U.S. homebuilder, reported a third-quarter loss after it reduced the value of its real estate and potential buyers of its homes had difficulty obtaining mortgages. The net loss in the three months ended Sept. 30 was $787.9 million, or [...] About three weeks ago I posted that the only thing missing from the US housing crisis is a major homebuilder going bust. That is still the case, however Beazer Homes USA Inc. (BZH) have thrust themselves forward as the most likely candidate in recent days. An enquiry by the Securities Exchange Commission will require [...] As the US Housing market slumps further homebuilders continue to do it tough. The only thing missing from the scenario so far is a major player going belly-up. The last 24 hours have thrust a couple of candidates to the fore for that honor: Fitch Rates Standard Debt As “Junk”Monday September 24, 6:00 pm [...] US Home Builders have been taking an absolute hammering second only to some mortgage providers such as AHM. So is it time to reassess? Are there bargains to be had? According to Michael Shedlock of MGETA, and I whole heartedly agree, absolutely not: Bankruptcy is one way out for these homebuilders to stop the [...] D.R. Horton reports 40% drop in quarterly orders By Steve Goldstein Last Update: 7:08 AM ET Jul 10, 2007 LONDON (MarketWatch) — D.R. Horton Inc. (DHI) reported that orders for the third quarter ending June 30 dropped 40% to 8,559 homes, or down 47% to $2 billion by value. [...] Negative housing data pile upMeritage reports ugly preliminary results, but builders up after jobs report By John Spence, MarketWatchLast Update: 2:34 PM ET Jul 6, 2007 BOSTON (MarketWatch) — Meritage Homes Corp. said its preliminary home orders fell 28% and its cancellations rose in another sign that builders continue to struggle against a slumping [...] So Paulson was right, we’ve seen the bottom in the housing market with new home sales up 16% in April. However prices were down 11% indicating builders were discounting to get rid of stock. So is Paulson dreaming or is he on the ball? Difficult to say when the data is so volatile the [...] At the height of the tech boom in 2000, it seemed that even the flush of a CEO’s toilet could send the shares of a tech company higher. We have seen similar movements in speculative resource stocks of late particularly uranium. But unwarranted movements in share prices are not the sole domain of speculative [...] |
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