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Home Builders

Thursday, September 07, 2006 | 10:20 AM

Cancellations up dramatically;

Forecast cut;

Sales down significantly year over year;

Inventory up tremendously.

Beazer Homes USA: said net home sales for the two months ended Aug. 31 fell 49% from the year ago; Their cancellation rate rose to 50% from 26%.

KB Home cut its forecast today;

Hovnanian Enterprises reported a second straight quarter of declining earnings and orders

Sources:
Beazer trims 2006 outlook
John Spence
MarketWatch,10:00 AM ET Sep 7, 2006
http://tinyurl.com/f9k5a

US stock futures fall on inflation, housing fears
Chris Sanders
Reuters, Thu Sep 7, 2006 4:53am ET
http://tinyurl.com/fkz7v

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Comments

barry: your buddy Liesman and the other CNBC bobble-heads keep repeating "real estate only 5% of the economy" even tho we all know that cooler heads have remarked that its various tentacles (not just new building and wages but also consumer confidence/spending from tapping illusory home prices) may have contributed as much as 1% of the recent avg 3% GDP growth rate. so that's 1/3 of activity. big gap there betw 5% and approx 33%. look out below

Posted by: scorpio | Sep 7, 2006 10:42:40 AM

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