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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Mon Oct 15, 2007 1:13 am Post subject: US Homebuilders in Desperation As Housing Bust Continues |
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By: David_Shvartsman
If you've been keeping an eye on the news in the U.S. at all these past few months, you know that the situation in housing has continued to deteriorate, despite the much too early bottom calling from industry spokespeople, vapid "economists", and the media's talking heads.
We've reached the "bust" portion of this particular boom-bust cycle, and with each passing week there are new stories to fill in the picture of the real estate market's decline.
Which is where this next story comes in. From Bloomberg, "Homebuilders Liquidate Assets in Desperation Sales" .
D.R. Horton, with annual revenue of about $11 billion, and Hovnanian Enterprises Inc. now face the worst choice in the worst residential real estate slump since the 1930s. They're selling homes at any price they can get.
http://www.marketoracle.co.uk/article2381.html |
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