On March 20, I posted about not holding my breath for a Toll Brothers' development in Warrenton (Fauquier County).
It's now "OPENING SUMMER 2007!"
In other homebuilder news today, Moody's cut Hovanian and Beazer further into junk territory, and Hovnanian reported a third straight loss.
"The housing market weakened in the latter part of the second quarter and the slower conditions have continued into May." [CEO Ara Hovnanian] also said the company won't give earnings forecasts anymore because housing market conditions have become increasingly uncertain."On Tuesday, NVR was downgraded by Bank of America. Analyst Daniel Oppenheim's reasoning (from AP):
NVR makes more than half of its revenue and nearly three-quarters of its profits in Washington and Baltimore, Oppenheim said. He expects home sale in those markets to worsen and NVR's margins to fall.
"Our May survey pointed to a 4th straight month of weak traffic in D.C., after improvement from November to January," he said. "In 2005, similar weakening trends in Washington preceded a 28 percent decline in the stock." He added the company to his "least favorites" list of home builders.
COMING SPRING 2007!
Warrenton Chase is Fauquier County's most spectacular new community of luxury single-family homes on 1/2-acre home sites, nestled among the gentle rolling hills of Virginia countryside. This exciting new community, just minutes from downtown Warrenton, features miles of hiking & biking trails, hundreds of acres of open space, neighborhood Recreation Center with a swimming pool and tot lots.
I've been watching the seasons and the big red statement change through the past year. First it was COMING SPRING 2006! Then COMING SUMMER 2006! Fall 2006! Winter 2007!