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Major and Saller Builders Stock Declines Sharply |
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Latest News
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Wednesday, 07 June 2006 |
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2 News Articles: Homebuilders Are Slammed by Downgrades -
2nd Look: Homebuilder Shares
Shares of major homebuilding companies fell again on Tuesday in reaction to ratings downgrades, fears of higher interest rates and lower full-year outlooks for the cooling housing market. Shares of smaller homebuilders Standard Pacific Corp. and Technical Olympic USA Inc. fell to new 52-week lows on Tuesday, a day after a downbeat brokerage call on Standard Pacific and a bearish forecast issued by Technical Olympic. |
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Oregon Builder with History of Crime |
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Latest News
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Tuesday, 06 June 2006 |
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Builder Builds Dream Homes Amid Shaky Past
Roger Pollock looks like a pillar of the community... While Buena Vista Custom Homes touts being named the fastest growing homebuilder in the nation by Builder Magazine in 2005, what the company is not touting is their owner’s troubled history including drug arrests, assault charges and lawsuits. |
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Builder Stock Declines & Executives Profit |
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Tuesday, 06 June 2006 |
Building exec pulls in $21.5 million bonus
Stuart Miller, boss of Miami home builder Lennar Corp., pulled in a $21.5 million bonus in 2005. Such kingly sums have become common for home-building executives. Running a big home-building company has been a ticket to riches for Lennar Corp. Chief Executive and President Stuart Miller. Miller pocketed a $21.5 million bonus last year, among the heftiest rewards given to any executive in any industry nationwide. The bonus accounted for about two-thirds of his overall compensation of $31.9 million. He received a $15.2 million bonus in 2004. |
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Star Tribune special report - Bad Building Materials |
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Wednesday, 24 May 2006 |
Owners of newer homes face water damage risk
Today's homes are built using materials and methods that can lead to rotting walls and huge repair bills. No one could tell that David and Renee Saunders' stately Woodbury home was rotting away _ not even its owners _ until a cluster of mushrooms sprouted from a wall in the master suite. The couple faces an estimated $400,000 in repairs to replace mold-infested walls in a house that cost $550,000 to build seven years ago. |
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Builder pleads guilty to fraud |
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Wednesday, 24 May 2006 |
All-Phase Construction's owner ordered to repay $64,000
Thomas Mark Hogan, the owner of home repair business All-Phase Construction, pleaded guilty Friday to seven counts of consumer fraud and was ordered to repay $64,133 in restitution to 11 consumers he defrauded, the Missouri attorney general said. |
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Washington Post - Foreclosures getting worse |
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Wednesday, 24 May 2006 |
Mortgage Stress Seen for '06
Many subprime loans, for example, feature prepayment penalties that make it too costly for borrowers to refinance, even after they have mended their credit. A study by researchers at the University of North Carolina found that 20 percent of subprime loans went into foreclosure within four years, Ernst said. A recent government analysis of which borrowers have subprime loans found that they were disproportionately black and Hispanic...Frank said bigger problems for borrowers will come in 2007, because many of the subprime loans that feature adjustable-rate mortgages "reset," or change rates, that year. People who will be "stressed" will be those who were unable to refinance before their rates begin rising or whose home prices have fallen so that it becomes too difficult to sell and get out from under the mortgage, he said. |
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Las Vegas Builders offer incetives up to $100,000 |
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Latest News
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Monday, 22 May 2006 |
It's a buyers' market in the Las Vegas Valley
There were a record 18,467 resale houses and another 4,000 new homes up for sale. In addition, another 6,000 condominiums are - or will soon be - available after being converted from apartments... Builders are offering purchase incentives, including free lawn maintenance, swimming pools, washers and dryers and even the cost of packing and moving customers into their new residences. Some incentive packages have been valued by builders at up to $100,000... KB Home recently reduced prices up to $30,000 at 16 of its 38 subdivisions. |
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BUILDER Magazine - Builder Investigated for Kickbacks |
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Latest News
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Monday, 22 May 2006 |
Kickbacks Probed
Sixteen builders alleged to have received illegal kickbacks
The names of the 16 builders (see “Naming Names,â€) were first made public in the Denver Post when Erin Toll, Colorado's deputy commissioner of compliance in the state's Division of Insurance, told the newspaper that First American released the names as part of the state's investigation. Similar probes surrounding illegal title insurance kickbacks are under way in California and Washington state. |
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Lennar Homes closing down Northern Colorado operations |
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Latest News
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Sunday, 21 May 2006 |
Lennar leaving market
Lennar, the builder of U.S. Homes houses, is scaling back operations in the Northern Colorado market. The home builder's 15- employee office in Loveland is closing soon. The office in the Denver metro area will remain open and will staff its existing model homes until sold. |
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Latest News
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Saturday, 20 May 2006 |
Home Builders Down on Analyst Report
Shares of major home builders edged down Tuesday, after an analyst released a report lowering his earnings estimates for the companies based on expected increases in interest rates and predictions of soft spring sales.Morgan Stanley's Robert Stevenson reduced his 2006 and 2007 earnings projections for KB Home and Lennar Corp., while also cutting his 2007 estimate for Pulte Homes Inc... Shares of KB Home fell 58 cents to $55.96, while shares of Lennar dropped 98 cents, or 2 percent, to $48.83 and shares of Pulte Homes fell 77 cents, or 2.3 percent, to $32.67, all in afternoon trading on the New York Stock Exchange. |
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Law Enforcement or Buddie System |
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Friday, 19 May 2006 |
Building inspectors: Who's the boss?
Building inspectors are really construction police. They watch a house go up from foundation to rooftop. At least that's what buyers assume. But that may not be the case in Wylie. In more than a dozen North Texas cities, building inspectors can actually be on the contractor's payroll...Moore says he was pressured to overlook mistakes and shut up....He quit. On principal he sued the City of Wylie... Janet Ahmad gets dozens of complaints about shoddy new homes every year. She's concerned not only about Wylie, but about a statewide trend that allows builders in some cities to hire their own inspectors. "The law is for sale when it comes to building homes," ..."This is law enforcement and they are making a buddy system out of it. |
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