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The Company is a publicly held holding company whose subsidiaries engage in the homebuilding and financial services businesses.
I had my house on the market in TX for 6 months, selling below appraisal, even considerably below tax appraisal - which is significant in TX since we have no state income tax and make it up on property taxes. My point is, there is at least a 1-2 glut of houses already on the market now for sale. With an unsure economy and the third (often tumultuous) year of a bull market that often leads to a bear, about at a 3-1 ration, bull/bear. So, these companies have to stay afloat for years to even begin to work through current glut of homes. These companies make money building and selling homes - there are no buyers. Expect a tough couple of years and even some possible bankruptcies. These guys are taking on large amounts of debt, just to stay alive.
totally agree .. I live in Florida and things are rough here too. There are a ton of foreclosed homes that are sitting vacant while the banks hold them, attempting to create demand..this only makes them more delapidated which further drops their value.. the only home builders making money are DHI and LEN...short everything else....that being said...the shorts are killing me, so hopefully reality kicks in fairly soon...I think we are just seeing an abundance of greedy bottom fishers looking to make a quick 500% pop in 6 months....I don't see the fundamentals yet...and we may not for another year..
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