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.
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the pope
the pope
12 years ago

Drachen: I think you're right, I'll switch it back to logged in only.

Drachen
Drachen
12 years ago

I'm beginning to think that anonymous postings are a bad idea here. Seems to be a lot more junk posts.

Anonymous
Anonymous
12 years ago

omg, you have an insatiable need to make yourself heard.omg, you more so. sad little clown, you're a mystery to yourself.

Anonymous
Anonymous
12 years ago

He's not right. Follow your own advice and stfu.omg, you have an insatiable need to make yourself heard.

ThumbsUp
ThumbsUp
12 years ago

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.

ode
ode
12 years ago

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

Anonymous
Anonymous
12 years ago

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… Read more »

Anonymous
Anonymous
12 years ago

… 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.

Anonymous
Anonymous
12 years ago

Who else would bother to be an apologist for him?… uuhhhh …. somebody with a brain … one that allows for a sense of humour, insight and imagination, and who takes himself less seriously than a few of the blog pundits.if anon@10:48 is right, then simply ignore him, don't respond to him … he's having fun at your expense … he's an exceptionally effective (i strongly suspect, dare i say it) troll … and you're falling all over yourselves to correct him.there's at least one long-timer on this blog (from VHB days) who does just that … he ignores him. follow his lead.and gets his jollies from trolling websites.regarding the plural of websites, do you have evidence that he does this elsewhere?

ThumbsUp
ThumbsUp
12 years ago

bears preety bears enjoy ur life on rent nowbears preety bears enjoy ur life on rent nowGuitar-dhanc-dhanch tanadhanc-dhanch tana!dhanc-dhanch tanatana nana.since 81 ur blowing ur whistle manhorse man never shown up 4 ur help mandhanc-dhanch tana!dhanc-dhanch tanatana nanasince 81 ur blowing ur whistle manhorse man never shown up 4 ur help manU lost the upertunities to buyDrumbeat:jhik jhis tha jhik jhik thaU lost the upertunities to buyit's time to loose your pant nowCommon all the bears please sing with3-2-1-GObears preety bears enjoy ur life on rent nowbears preety bears enjoy ur life on rent nowthanx every body i love u'lChorus:bears preety bears enjoy ur life on rent nowbears preety bears enjoy ur life on rent nowMusic fade:dhanc-dhanch tana!dhanc-dhanch tana dhanc-dhanch tana! tana nana.

Drachen
Drachen
12 years ago

Have you guys heard of Crisp and Cole?A Bakersfield real estate company that went from nothing 5 years ago to a multi million business. Now back to less than nothing.From: http://www.salon.com 'How the World Works'"The Department of Real Estate accuses Crisp & Cole of paying employees to sign loan applications for homes they never intended to live in, falsifying income and employment information, and deceiving mortgage lenders, although one suspects that in the California housing market, a fair number of lenders had a pretty good idea of exactly what kind of activities they were aiding and abetting. Family members, including Crisp's mother, mother-in-law and wife, were frequently employed as dummy buyers."His company has over 100 defaulted mortgages where they brokered the deal.Here's how it worked. (again from HTWW)"Here's how one scam worked, as reported by the Bakersfield Californian. On July… Read more »

Anonymous
Anonymous
12 years ago

Only a socially retarded child creates a fake on-line personality and gets his jollies from trolling websites.Anon 10:48 probably is thumbsup/satv. Who else would bother to be an apologist for him and write that tripe about "understands economics and the local RE market exceptionally well" and "humble"? Humble meaning a wimp who gets the attention on-line which evades him in real life. Pathetic.

HADENOUGH
HADENOUGH
12 years ago

Anon 10:48I think so too. He is probably having a bit of fun and it is all very tongue in cheek.

Anonymous
Anonymous
12 years ago

I still believe that thumbsup is HTM.Not malicious just a bored old man who misses young people around him. :))

Anonymous
Anonymous
12 years ago

thumbsup/satv/bumsup: sorry, i blew your cover..

Anonymous
Anonymous
12 years ago

tony danza wrote "ThumbSuck I thought YOY was a silly number? You illiterate asshat."That wasn't thumbsup who said YOY is silly, that was anon@1:06pm. I may have missed something but I don't think anyone said anything about you, or attributed anything to you.Don't take thumbsup seriously. Sometimes I think that maybe, just maybe, it wouldn't surprise me if …..(a) He's well educated, fluent in English (born and raised in Canada), and understands economics and the local RE market exceptionally well.(b) He's bored from to time and comes to this blog for enjoyment.(c) He doesn't believe what he posts.(d) He has a sense of humour and doesn't take himself seriously.(e) He likes to needle people who take themselves too seriously, especially if they are blog-economists.(f) He doesn't have a malicious bone in his body, and in the real world is quite… Read more »

Anonymous
Anonymous
12 years ago

ThumbsUp said:"I have heard that Real Estate Alberta does not publish numbers every month,but every quarter."And also said:"then why don't you read 3 month over 3month.Edmonton july 2007 $353,919 Oct,2007 Edmonton $347,668 25.7 Nov,2007 $376,267. can you read the difference between 376,267-353,919=what?"I'd like to see where ThumbsUp gets these numbers. They don't agree with what I've read on the EREB website.If ThumbsUp could be bothered to properly read the Edmonton figures, he'd see that the sales prices for single-family dwellings in Edmonton have been falling since May of this year, and the number of listings is at multi-year highs.Edmonton's monthly stats, check out page 5 for the end of month inventory numbers.May Single-Family Dwelling Average sale price: $426,028June Single-Family Dwelling Average sale price: $417,265July Single-Family Dwelling Average sale price: $417,150August Single-Family Dwelling Average sale price: $403,757September Single-Family Dwelling Average sale… Read more »

Michael Randallbard
Michael Randallbard
12 years ago

Too bad the moderator of this thread can't limit multiple handles such as satv obviously has. His downfall though will be his lack of understanding of the phrase….Theater Non-EconomicsLooks like we have to put up with him until YOY catches up which should be about 6 months and then I guarantee that after that we will never be blessed with that idiot's presence again.I'm unsure of why anyone would want to hype up the market when even every realtor I know says prices are ridiculous. Even the President of the Victoria Real Estate Board told me some months ago not to buy now as prices are way too high and they would have to correct. So satv call him yourself if you want proof.So just what the motive is I don't know because unless he's over his head and is… Read more »

misanthropic curmudg
misanthropic curmudg
12 years ago

satv:STFU!

Anonymous
Anonymous
12 years ago

Tony Danza said… ThumbSuck I thought YOY was a silly number? You illiterate asshat.Actually, I believe this:"YOY is silly number, really it is as silly as sound made when saying "YOY". can you say "YOY, YOY, YOY"? i can even say it bakward."was said by anon 12/5 1:06 p.m., not satv/thumsupalthough I certainly understand the confusion. This anon appears to have opposite beliefs to satv. I have to say I wondered when I read it whether the strain of trying to defend his "up up up" philosophy in the face of reason was too much for satv, and he developed an alternate personality.homewardbound

Strataman
Strataman
12 years ago

ThumbsUp said… If u are so comfortable what's the problem? I find it really weird that persons so sure of themselves, argue with "bears" If I believed as you I'd ignore this blog. I don't so I come here to hear other sane people! But if I was as positive as you I'd be out spending my paper profits!

Anonymous
Anonymous
12 years ago

Wow – seems thumbs/satv etc. has lost the plot altogether…

ThumbsUp
ThumbsUp
12 years ago

I thought YOY was a silly number? You then why don't you read 3 month over 3month.Edmonton july 2007 $353,919 Oct,2007 Edmonton $347,668 25.7 Nov,2007 $376,267. can you read the difference between 376,267-353,919=what?