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July 30, 2010
M.D.C. Holdings' sales tumbled off the precipice in May and June just the same as they did for many builders. The difference was that, despite the crash, the company was able to net enough new sales in its second quarter to actually show a new order increase of 4% over last year. Still, the latest slowdown in home sales has made executives cautious about recovery. Mizel thinks that the root of the problem runs deeper than the expiration of the tax credit to a drop in consumer confidence overall, not just in the U.S. economy but the economies of other countries in the world. And the political rhetoric related to the upcoming mid-term elections has exacerbated it.
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The latest slump in new housing sales might be bad news for the current bottom line for builders, but it makes for just the right market for buying land, Standard Pacific Homes CEO Ken Campbell told analysts Friday. "If there is a silver lining to the housing market, I think it's the land market," Campbell said. And Standard Pacific is and will be taking full advantage of it by buying land, both finished lots and raw parcels, now and through the end of next year. Campbell said earlier this year that the company planned to spend $300 million to $400 million on land this year but now estimates it will be closer to the $400,000 mark.
July 30, 2010
Brookfield Homes Corporation, Fairfax, Va., (NYSE: BHS) said Friday it is negotiating with Brookfield Properties Corporation (TSX: BPO)(NYSE: BPO) regarding a possible merger that would result in the combination of Brookfield Homes with Carma Developers, the North American residential land and housing division of Brookfield Properties with operations principally in Alberta, Colorado and Texas. Separately, it reported net income of $2.9 million for the quarter, but since it is majority owned by a real estate investement trust, that translated into a loss of eight cents per share on distributions.
July 30, 2010
M.D.C. Holdings, Inc., Denver (NYSE: MDC) on Friday morning reported a net loss for its second quarter ended June 30 of $3.7 million (-$0.08 per share), compared with a net loss for the 2009 second quarter of $29.6 million (-$0.64 per share). There were no asset impairments for the quarter. Analysts were expecting a loss of two cents per share.
July 30, 2010
GREENWICH, Conn. - Real estate investment trust Starwood Property Trust said its chief financial officer, Barbara Anderson, has resigned.Starwood Capital Group provides management services to the REIT.Starwood Property Trust went public almost a year ago with a plan to invest in commercial mortgage loans and other real estate debt.
July 30, 2010
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