Well, the press release went out Friday announcing this blog. Welcome to any and all who are first-time readers as a result. We're looking forward to your comments and participation in the dialog.
We all know the residential market is down, but some of the news these days is starting to get downright scary. Consider this article from cnnmoney.com:
In another sign of the collapse of the market for new homes, builder Lennar Corp. has dumped a portfolio of 11,000 properties for 40 percent of their previously-stated book value.
Lennar announced the deal late Friday as its fiscal fourth quarter came to a close. It is selling the properties for $525 million, even though it said their book value as of Sept. 30 stood at $1.3 billion.
Here's the link to the full article:
http://money.cnn.com/2007/12/03/news/companies/lennar_morganstanley/index.htm?postversion=2007120314
It's a good thing the commercial construction markets are still going strong.
The debate has been lively about whether or not we're headed for an 80's-style recession. The topic even snuck into the Facebook-ABC Presidential Debates on Saturday. I really enjoyed the debates, and consider the top line of the night being Gov. Richardson's observation that he'd been involved in hostage negotiations that were friendlier than the debate was.
There's a link to the One Night Two Parties debate on the ABC site:
http://abcnews.go.com/Politics/
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