NEVER seen this BEFORE
Its getting a little old hearing HB executives continue lie to shareholders and the public. At the end of the HOV conference call this morning, Ara said he has seen this kind of environment before and once the competition goes out of business, things will return to "normal."
It is a blatant lie. Ara has NEVER seen this environment before.
Never before did so many people buy homes on teaser rates and teaser rates jumped from 3 or 4% to over 10%. If you limited out at the teaser rate, which many did, any increase takes you out of the game.
Never before have so many homes been foreclosed so early in the cycle all around the country at the same time. Actually, even though it is early into the cycle, never before has there ever been so many foreclosures on a national basis.
Never before have so many people had little or no equity in their homes effectively making impossible for many to sell to purchase another home.
Never before has Ara seen so much vacant inventory for sale around the country.
Never before have major homebuilders borrowed so much money to speculate on land at historically high prices.
Never before have the incomes of Americans decreased over an 8 year period while NON housing related expenses exploded including property taxes, interest expenses, insurance, food and fuel.
Never before has Ara seen the value of the American home decline on a National basis....Ara wasn't born in the Great Depression.
Never before has Ara seen so many Americans struggle just to meet their monthly expenses.
Sure Ara..............keep telling us how you have seen this before.