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TRATON HEADLINE: Lennar Homes Dumps Portfolio
In a CNN article on December 3, 2007, it was reported that Lennar Corp. had dumped a portfolio of 11,000 properties for 40 percent of

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As reported previously by Traton News, the nation's home builders have been plagued by the problems in the mortgage securities market and the downturn in housing. According to the CNN article, the government's report on new home sales reported a record glut of completed new homes for sale, and the biggest year-over-year drop in the median price of a new home in 37 years. For this reason, most builders have had to take large charges against their earnings as they revalued their holdings and walked away from options to buy additional land.

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TRATON HEADLINE: JL Kirk Associates Loses Battle with Blogger TRATON REPRINT: Traton Sucks and Taubman Sucks TRATON REPRINT: Kudos to Mr. Mishkoff on Taubman Sucks Sites TRATON UPDATE: Another Website Providing Online Information on Builders TRATON REPRINT: Potentially Catastrophic Consequences for New Housing Developments

Charges due to reduced land and home valuations have caused most builders to report larger than expected losses in recent quarters. According to CNN, in October, credit rating agency Moody's downgraded the debt of Lennar, No. 2 builder Centex and No. 4 Pulte Homes to junk bond status. Last month Hovnanian Enterprises, the nation's No. 7 builder by revenue, reported that the sales pace during October "significantly deteriorated" in most of its markets, and its preliminary results also showed a sharp rise in cancellations. Toll Brothers is due to report results Thursday, and the luxury home builder is forecast to report a 46 cent a share loss, its first loss of the current housing slump. With these losses, some may wonder at the stability of local builders, such as Traton Corp., who have had less-than-stellar ratings when compared to these national builders.

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Reporting for Traton News, Ingrid Ingram

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2 READER COMMENTS:

Future home buyer said... With all of this bad news, I would not buy a home from a new home builder - especially Traton Corp - after hearing all the bad news and reading about how Traton Corp treats their customers! Shame on you Traton Corp!!!
Saturday, December 15, 2007 11:19:00 AM PST

Anonymous said...
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Thanks for the information. I was am researching new homes Traton Homes - and find your articles very informative.
Saturday, December 22, 2007 3:54:00 PM PST Post a Comment

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