You got Mozilo out there pumping Countrywide, when we all know what's about to happen there. You have Bob Toll talking bottom, and how he'll easily burn off his inventory and all will be fine in a few months. You have The Corrupt David Lereah, well, let's just forget his BS.
And then you have DR Horton's CEO. Oh, man, do you have DR Horton's CEO. I guess someone has read Sarbanes Oxley. I guess someone doesn't want to do jail time with all the others.
Bravo.
Bleak housing outlook for US firm
The boss of the largest US housebuilder has warned that his company's fortunes are likely to "suck" in 2007.
DR Horton chief executive Donald Tomnitz told investors that the weak US housing market would continue to hit home prices during the year.
"I don't want to be too sophisticated here, but '07 is going to suck, all 12 months of the calendar year," he said.
US housebuilders have been struggling with a glut of unsold new homes in the wake of a wider industry slowdown.
The number of new homes built in the US fell to a near-decade low in January, the US Commerce Department reported last month.
I don't think '08 is going to be a great year, but it's going to be much better than '07 Donald Tomnitz, DR Horton
Mr Tomnitz warned that DR Horton may have to make further write-offs to reflect the number of unsold homes and lower land values.
And then you have DR Horton's CEO. Oh, man, do you have DR Horton's CEO. I guess someone has read Sarbanes Oxley. I guess someone doesn't want to do jail time with all the others.
Bravo.
Bleak housing outlook for US firm
The boss of the largest US housebuilder has warned that his company's fortunes are likely to "suck" in 2007.
DR Horton chief executive Donald Tomnitz told investors that the weak US housing market would continue to hit home prices during the year.
"I don't want to be too sophisticated here, but '07 is going to suck, all 12 months of the calendar year," he said.
US housebuilders have been struggling with a glut of unsold new homes in the wake of a wider industry slowdown.
The number of new homes built in the US fell to a near-decade low in January, the US Commerce Department reported last month.
I don't think '08 is going to be a great year, but it's going to be much better than '07 Donald Tomnitz, DR Horton
Mr Tomnitz warned that DR Horton may have to make further write-offs to reflect the number of unsold homes and lower land values.
