Brand new house – 40 percent off.
Who wants a brand new house for 40% less than its book value? Welcome to the slumping American housing market.
Lenar Corp has agreed to shift 11,000 properties to Morgan Stanley for 40% less than book value to get them off their balance sheets:
“The deal was done on the last day of the company’s fiscal year, partially in an effort to generate tax-loss carry backs,” said Eric Landry, a Morningstar Inc. analyst. “The fact that it closed so late [9:30 p.m. on the last day] in the year and was priced at only 40% of book value may indicate just how eager Lennar is to slim down its balance sheet — and the degree to which it will go to do so.”While details remained sketchy on Monday, a multimillion-dollar deal to shift 11,000 properties off the books of the nation’s largest home builder raised concern among analysts that the mortgage meltdown was continuing to spread.
Full story at Marketwatch.
December 7th, 2007 at 10:04 am
Drachen: I think you're right, I'll switch it back to logged in only.
December 7th, 2007 at 9:36 am
I'm beginning to think that anonymous postings are a bad idea here. Seems to be a lot more junk posts.
December 7th, 2007 at 9:16 am
http://www.bivinteractive.com/index.php?option=co…
December 7th, 2007 at 9:13 am
omg, you have an insatiable need to make yourself heard.omg, you more so. sad little clown, you're a mystery to yourself.
December 7th, 2007 at 8:01 am
He's not right. Follow your own advice and stfu.omg, you have an insatiable need to make yourself heard.
December 6th, 2007 at 7:53 pm
As the bell chimes closer and closernearer and nearer you are six feet yonder. Ashes to ashes, dust to dust.finally you hit the right button. a person need six to seven feet to stand or lay down,your so called shoe box is too big atleast 480-550sq.ft. that's why those are expensive.all the anon's please confirm thing like I am agree/I am not agree,please do not screw up in complicated manners,just keep it simple.because of too many anon's it is difficult to find out who is in favour who is not.
December 6th, 2007 at 4:43 pm
I’m so young and you’re so oldI’m so young and you’re so oldSo with a noble and generous young heart, I pity you for wondering homelessly in cyber abyss.As the bell chimes closer and closernearer and nearer you are six feet yonder. Ashes to ashes, dust to dust.The clock is set for never 'til twelveYou close your eyes and see yourselfpassing countless vacant framesas all the beauty slowly drainsto an empty theatre, a blackened screen,where the silence lasts till the day begins.There're few things that You wouldn't giveto dream a young man's dream again.The confidence to set aside the things that you have settled for you cried a tear of grief in joy for visions of a little boy,whose arrogance made him believehe could be anything he wanted to be dream again
December 6th, 2007 at 4:40 pm
HonkyTonkManRates will go down….crash not cominghttp://www.discovervancouver.com/forum/topic.asp?TOPIC_ID=173109HTM – Posted – 11/19/2007 10:30:43 AMWhat I was saying is that inspite of what the Feds say, the rate will come down. They say that they have a war against inflation, but it's absolutely not true. They just tell us that there's a war against inflation to stop people from hoarding hard assets, thus making inflation worse. But don't kid yourself, the government will sacrafice inflation for employment anytime.So you Bears that are whining and crying can whine and cry some more because if rates go down, the Market may even go UP, UP, UP, baby. Lookee here at this article today:HTM – Posted – 6/13/2007 10:03:18 AMB o C pays lip service to stopping inflation, but will end up lowering interest rates in the end. If you BubblePoppers think the real estate market is going to crash any time soon, I believe you are mistaken. Bank of Canada governor says C$ may be overinflated but hints at rate hike Wednesday, Jun 13, 2007
December 6th, 2007 at 1:32 pm
… uuhhhh …. somebody with a brainYou give yourself too much credit. if anon@10:48 is right, then simply ignore himHe's not right. Follow your own advice and stfu.