Foreclosures spike 112%
Continue Reading Add comment April 29th, 2008
One out of every 194 U.S. households received a foreclosure filing in the first three months of 2008, according to the latest figures released Tuesday by RealtyTrac.
Archive for April 29th, 2008
Snyder Langston Completes Pacific Life Insurance Tower
Continue Reading Add comment April 29th, 2008
Snyder Langston reported that it has completed construction of a nine-story, 246,600-square-foot build-to-suit office tower for Newport Beach, Calif.-based Pacific Life Insurance Co. Read more »
KB Home co-founder says home prices could fall 20% more
Continue Reading Add comment April 29th, 2008
Eli Broad, the co-founder of KB Home, told Bloomberg TV yesterday that home prices could fall another 20%. Here’s a link to the story. That is an absolutely enormous amount when you consider that prices have already fallen a bunch. Today the Standard & Poor’s/Case-Shiller Home Price Index for February was released. It showed that the 20-city index fell 12.7% from a year earlier and is down 14.8% from its all-time high in July 2006.
I’m guessing that the execs at KB Home aren’t real happy with Eli Broad, because who’s going to buy a house now if they think that Broad is right about where prices are heading? I don’t know how many shares of KB Home that Broad himself still owns, but it can’t be too many because he doesn’t appear on the list of holders of 5% or more of KB Home shares in the latest SEC filing.
^^^^^^^
Trivia: KB Home was founded in 1957 in Detroit as Kaufman & Broad Building Company