Blog Entries for admin

Tomnitz: Foreclosures Will Make 2008 Worse Than 2007

tai@seocompatibledesign.com — Fri, 29 Aug 2008 00:00:00 +0100

Home builders beware: Expect 2008 to be worse than 2007.

That's the latest word from D.R. Horton CEO Don Tomnitz, who believes that the wave of foreclosures that will hit the market in 2008 when a million-plus subprime mortgages readjust will make for a very tough year.

"There's no question that 2008 will be worse than 2007 for us," said Tomnitz, speaking to a group of analysts this morning at the JPMorgan Homebuilding and Building Products Conference in Las Vegas.

On a more positi [...]

Facing Default, Some Walk Out on New Homes

tai@seocompatibledesign.com — Fri, 29 Aug 2008 00:00:00 +0100

By John Leland
New York Times
Feb 29, 2008

"Though many states give banks recourse to sue borrowers for their losses, Mr. Case said, in practice it's not often done "It's tough to do recourse," he said. "It's costly, and the amount of people's non housing wealth tends to be pretty slim."

Christian Menegatti, lead analyst at RGE Monitor, said the firm predicted more homeowners would walk away from their homes if prices continued to drop, regardless of their financial ci [...]