- Joined
- Sep 9, 2004
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I just want to add, this morning either responding to the NK nuclear test or today's WSJ, new home prices were slashed uniformally by 20% or more across most of Northern California. This crash simply has no precedent. I went to 5 open houses yesterday, 4 of which were neighbors on the same block attempting to cash out ASAP. Even the realtors showing the houses admitted now is not the time to buy, prices are dropping through the floor.
http://patrick.net/housing/crash.html
http://thehousingbubbleblog.com/
In an internal memo to employees, CEO Ara Hovnanian said an unspecified number of staff reductions were necessary in order to remain healthy, as the nations eighth-largest U.S. home builder grapples with the broad downturn plaguing its industry.
In many locations, including corporate headquarters, we have been forced to face the fact that we no longer have enough work for all of our Associates, Hovnanian wrote. We consider this action to be a last resort.
News of Hovnanians job cuts comes one day after East Brunswick-based Kara Homes, one of the states largest private home builders of condominiums and active adult communities, filed for protection from creditors under Chapter 11. The company ran out of cash, said Kara Homes bankruptcy attorney David Bruck.
Expect 60% (yes 60%) drops in regional markets like California, Las Vegas, Florida and Boston before this rollcoaster bottoms out.
http://patrick.net/housing/crash.html
http://thehousingbubbleblog.com/
In an internal memo to employees, CEO Ara Hovnanian said an unspecified number of staff reductions were necessary in order to remain healthy, as the nations eighth-largest U.S. home builder grapples with the broad downturn plaguing its industry.
In many locations, including corporate headquarters, we have been forced to face the fact that we no longer have enough work for all of our Associates, Hovnanian wrote. We consider this action to be a last resort.
News of Hovnanians job cuts comes one day after East Brunswick-based Kara Homes, one of the states largest private home builders of condominiums and active adult communities, filed for protection from creditors under Chapter 11. The company ran out of cash, said Kara Homes bankruptcy attorney David Bruck.
Expect 60% (yes 60%) drops in regional markets like California, Las Vegas, Florida and Boston before this rollcoaster bottoms out.
