CEO's of various homebuilders presented their insights regarding the current state of the new housing market at a Citigroup sponsored conference recently. Read the Marketwatch article.
Most homebuilders seem to be struggling with excess inventories resulting from a high percentage of contract cancellations, as values declined and speculators bailed out of the market. Donald Tomnitz, CEO of D.R. Horton, "America's Builder", indicated that since the market's top, the company has reduced its homes under construction by 35%, and cut the number of lots owned and optioned by roughly 25%. Apparently not one to mince words, Tomnitz said that he expects 2007 to "suck" for home builders. He does not expect a recovery until 2008 at the earliest.
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Northern Michigan Real Estate news, commentary and market information published by Stefan Scholl, real estate attorney, exclusive buyer agent and broker/owner of Buyer's Broker of Northern Michigan, LLC.
Stefan Scholl - Northern Michigan Real Estate
Most homebuilders seem to be struggling with excess inventories resulting from a high percentage of contract cancellations, as values declined and speculators bailed out of the market. Donald Tomnitz, CEO of D.R. Horton, "America's Builder", indicated that since the market's top, the company has reduced its homes under construction by 35%, and cut the number of lots owned and optioned by roughly 25%. Apparently not one to mince words, Tomnitz said that he expects 2007 to "suck" for home builders. He does not expect a recovery until 2008 at the earliest. 
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