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Ratings agency Standard & Poors has more bad news for homebuilders. The firm expects their results to keep deteriorating and has 18 of the 22 companies it follows on watch for possible downgrades. Three others are in default. Only one, NVR, has a stable outlook.
New home deliveries for the group fell 33% in November. The average sale price fell 9% to $273,000.
“We believe that new housing starts may bottom out this quarter at their lowest levels since the end of World War II, but that excess supply and weaker demand will continue to push prices down through the middle of next year,” analyst James Fielding says.
If you want to brighten somebody’s holiday, visit a new home showroom.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.