Housing is crumbling to the extent that the homebuilders, perhaps in an effort to break things gently to us, are increasingly disclosing each quarter's results twice. On Tuesday, Pulte Homes
According to Pulte management, the company expects to post a loss from continuing operations in the range of $2.00 to $2.10 per share when it formally releases results for its June quarter next week. The culprits for the company apparently will be land impairment charges amounting to a whopping $740 million to $770 million for the quarter, along with an approximately $40 million charge related to a restructuring that the company announced in May.
As with such other builders as Meritage
On Wednesday, as if to substantiate the bleak picture being painted by the builders, the Census Bureau reported that new housing starts fell to an annual rate of 1.47 million units in June, 19.4% below the same month a year ago. The June starts level, though, was 2.3% above May's rate.
So, with homebuilders chopping up land inventories and house prices faster than a Kabuki chef, I wouldn't be surprised by a trickling out of more bad news by the group in advance of next week's quarterly releases by several biggies, including Centex
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