HousingPANIC - The Housing Bubble Blog with an Attitude Problem, 2005

July 13, 2006

20 comments:

Anonymous said...: uh oh; July 13, 2006 11:22 PM
Anonymous said...: DHI getting smoked after hours!!; July 14, 2006 12:12 AM
Bill said...: should be $80 on the bell tomorrow if this thing W.D.D Dubya Dubya Three gets out of hand over night.

It's the oldest trick in the book, dating back to Roman times; creating the enemies you need.; July 14, 2006 12:43 AM
Anonymous said...: Love my GLD, love my short term money market fund that preserves my principal so I can buy at the bottom.

Love them!; July 14, 2006 1:15 AM
Anonymous said...: I don't get it. Most of my 403 money is in energy and PMs but those funds haven't been going anywhere lately - just lots of sideways motion.

There must be huge pressure by the western CorpGovs to put the kibosh on PMs.

Maybe I should nix the payroll deduction for 403 and take the tax hit. At least I could then buy physical instead.

Waddya think?; July 14, 2006 1:56 AM
Anonymous said...: nothing beats cash and physical.; July 14, 2006 1:59 AM
Anonymous said...: moved from previous post...kind of off the housing topic there...

PAINTBLOT - that's my dog!
If the housing market is over, then how long do think it may take for prices to fall about 20%. Waiting to buy a home is slow torture. I think I may begin to look again in Sept. and make low offers, but as far as seeing declining prices, it has not been too impressive.

bc; July 14, 2006 2:51 AM
Anonymous said...: This blog has the best graphics bar none....; July 14, 2006 3:14 AM
Anonymous said...: My collection of homebuilder puts is absolutely skyrocketing! ..and look at the afterhours tonight (thank you DH Horton!); July 14, 2006 3:54 AM
Out at the peak said...: BEARX is rocking!; July 14, 2006 4:10 AM
Anonymous said...: Alert !!!

D.R. Horton quarterly orders fall, cuts forecast
Thu Jul 13, 2006 6:46 PM ET
By Ilaina Jonas

NEW YORK, July 13 (Reuters) - D.R. Horton Inc. DHI.N>, the largest U.S. home builder, said on Thursday that quarterly orders fell 4.4 percent, prompting the company to slash its forecast as the largest U.S. home builder succumbed to a deteriorating market.

Not even price cuts could save Horton from the forces of higher mortgage rates and a rising inventory of unsold homes.

"It's pretty brutal out there," JMP Securities analyst Jim Wilson said. "The strategy they're trying is to move product no matter what it takes. Their margins are getting clobbered."

The news sent Horton's shares down by nearly 9 percent in after-hours trading on the Inet brokerage system and swept other home builders along with it.

KB Home KBH.N> shares were off 3.5 percent at $40.20 and Toll Brothers Inc. TOL.N> were off 2.4 percent at $23.97

Horton's shares have lost more than half their value since last year.

In the fiscal third quarter ending June 30, orders for new homes fell to 14,316 from 14,980 a year earlier. The value of the new orders fell even more, down 7.4 percent in the quarter ended June 30 to $3.83 billion.

"The current home sales environment is characterized by an increase in both existing and new homes available for sale, higher than normal cancellation rates and an increase in the use of sales incentives in many of our markets," Donald Horton, the company's chairman said.

The company said it sees the third-quarter earnings of 93 cents per share, well below the $1.30 analysts had expected, according to Reuters Estimates. The new outlook includes write-offs totaling 11 cents per share.

Horton also cut its outlook for the fiscal year ending in September to at least $3.65 per share down from its prior forecast of $5.25 to $5.35. Analysts expected Horton to post earnings of $4.96 for the year, according to Reuters Estimates.

Horton, based in Fort Worth Texas, also reduced the forecast for the number of homes it expects to sell in the year to 50,000 down from 58,000.

The Southwest was the only one of Horton's five regions to see orders rise, up 12 percent.

In after-hours trading on Inet brokerage system, Horton shares were at $20.80 down from their close of $22.86 on the New York Stock Exchange.

Since the beginning of the year, Horton shares have lost 33 percent of their value, while the Dow Jones U.S. Home Construction Index .DJUSHB>, a wide barometer of home building stock activity, is off 35 percent.; July 14, 2006 5:40 AM
Out at the peak said...: Bubble Shanker:

Thanks for the heads up. I might trade some BEARX for one or two of ProShares' new ETFs.; July 14, 2006 8:18 AM
blogger said...: gold up to $660, oil at $78

this powderkeg may blow; July 14, 2006 8:54 AM
Anonymous said...: Local newspapers were Friday convinced that that the country was facing a facing a supreme test and that Hezbollah, headed by the charismatic 45-year-old sheikh, must be pulverized and that all restraints are off.

"The Target: Nasrallah," cried the front-page headline in the top-selling Yediot Aharanot newspaper; "Smash Hezbollah" screamed rival daily Maariv.

"The decision as to his fate has already been made, and that he will be killed. As of now, this is just a matter of finding the opportunity," Yediot said in an editorial.

Nasrallah, a skilled negotiator and arguably one of the most powerful people in Lebanon, has demanded a prisoner exchange for the release of the two Israeli soldiers, nothing less and nothing more.

"It is for good reason that a parallel is being drawn with the tenacious British resistance against Hitler's blitz in World War II," ran an unequivocal editorial in Israel's Maariv newspaper.

"Hezbollah must never be allowed to approach the border fence... This threat must be abolished. Nasrallah must die," it added.

Maariv charged that Nasrallah, Iranian President Mahmoud Ahmadinejad and Damascus-based Hamas politburo chief Khaled Meshaal were "perhaps even more dangerous" than Hitler, responsible for exterminating six million Jews.; July 14, 2006 10:19 AM
Anonymous said...: If Americans knew.

What every American needs to know about Israel/Palestine.

Click Here; July 14, 2006 7:56 PM
Anonymous said...: It's all Bush's fault. The CIA is behind the kidnapping of the Israelis; July 14, 2006 8:29 PM
Anonymous said...: >Maybe I should nix the payroll deduction for 403 and take the tax hit. At least I could then buy physical instead.

If your company gives you any kind of a matching contribution, you should deduct at least that amount. It is part of your compensation.

-Stardust; July 15, 2006 2:40 PM
Anonymous said...: Nice! Where you get this guestbook? I want the same script.. Awesome content. thankyou.
»; July 22, 2006 2:27 AM
Anonymous said...: A fantastic blog yours. Keep it up.
If you have a moment, please visit my stock investment site.
I send you warm regards and wish you continued success.; July 23, 2006 1:57 AM
Anonymous said...: A fantastic blog yours. Keep it up.
If you have a moment, please visit my stock investment site.
I send you warm regards and wish you continued success.; July 23, 2006 1:57 AM

HousingPANIC - The Housing Bubble Blog with an Attitude Problem, 2005 - 2008

July 13, 2006

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