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September 2, 2010
Builders, developers, and private equity investors are circling the knotted tangle of the largest bankruptcy case in U.S. history, looking to extract a portfolio of more than 43,000 lots of discounted residential land in California. "I think they have some of the best land in America" remaining for residential development, said Gadi Kauffman, CEO of Robert Charles Lesser and Co. The "they" is Lehman Brothers Holdings and SunCal Companies, which partnered in various ways to buy and develop nearly 26,000 acres stretching from San Francisco Bay nearly to San Diego. When Lehman filed for bankruptcy protection two years ago, most of the projects went with it.
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The number of homes that went under contract in July rose 5.2%, the National Association of Realtors reported Thursday, signaling that perhaps the pull-forward effect of the federal home-buyer tax credit was beginning to wane. The NAR's Pending Home Sales Index rose 5.2 percent to 79.4 based on contracts signed in July. Analysts were expecting a decline of 1%.
September 2, 2010
WASHINGTON - Mortgage rates fell to the lowest level in decades for the tenth time in 11 weeks, as investors worried about the economy.Mortgage buyer Freddie Mac says the average rate for a 30-year fixed loan was 4.32 percent this week, down from 4.36 percent last week. That's the lowest since Freddie Mac began tracking rates in 1971.
September 2, 2010
Hovnanian Enterprises, Red Bank, N.J. (NYSE:HOV) after market close Wednesday reported a net loss for its fiscal third quarter ended July 31 of $72.9 million (-$0.92 per common share). The loss compared with a loss of $168.9 million (-$2.16 per common share) for last year's fiscal third quarter. Analysts were expecting a loss of 52 cents per share. The stock was unchanged at $3.68 after hours after closing up 7.6% on the day Wednesday.
September 1, 2010
The Securities and Exchange Commission has wrapped up an investigation related to KB Home's accounting and disclosures and won't recommend any enforcement action, KB Home announced Wednesday. Last October, KB disclosed the investigation in its quarterly report filed with the agency, saying that the SEC had issued a formal order of investigation regarding possible accounting and disclosure issues.
September 1, 2010
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