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“L'immobilier géolocalisé efficace” |
Le chute du marché immobilier US s'accélère
Par Thomas Geltier , le 14 octobre 2006
Voici un article non accessible au grand public de l'agence de presse djnewswires.
Il est fait état de la très forte révision en baisse des perspectives de résultats du leader US de la construction de maison (Centex).
Cette publication a fait chuter ce soir l'ensemble des actions du secteur à la bourse de New York (KB Home, Toll brothers, Lennar)
Centex Writes Down Land Value As Slowdown Accelerates
By Janet Morrissey
Of DOW JONES NEWSWIRES
NEW YORK -(Dow Jones)- Centex Corp. (CTX) has become the latest builder to post a double-digit drop-off in orders in the latest quarter and to ratchet down guidance for the period to reflect a deteriorating housing market.
The home-building giant blamed a surge in cancellations and write-downs on land options and land parcels for the shortfall.
The Dallas home builder now expects operating earnings for its fiscal second quarter ended Sept. 30 of 65 cents to 75 cents a share, half of the estimate of $1.40 a share it previously forecast.
Disintegrating market conditions forced Centex to take charges of between $125 million and $140 million in connection with land-related write-downs. A large chunk of the charges - between $85 million and $90 million - is related to write-downs associated with the company walking away from land options, while the remaining $40 million to $45 million is related to land itself.
In general, write-downs related to land itself pose a more serious concern as they tend to show that market conditions have weakened so badly that it would no longer be profitable for the company to build homes on a particular land parcel it purchased. It was land write-downs that pulled many builders under water during the late 1980s/early 1990s crash.
Cancellations also surged in the quarter, with Centex's orders falling 28%.
"The housing market continues to adjust rapidly," Centex Chairman and Chief Executive Tim Eller said in a statement. "Cancellation rates that were well outside our historical levels diminished our earnings visibility this quarter."
Centex shares recently traded at $53.16, off $1.93, or 3.5%, on volume of 2 million, compared with average daily volume of 2.2 million.
Banc of America analyst Dan Oppenheim said Centex's news shows the deterioration in the housing market is getting worse. "We believe that this is an indication that the deterioration in demand accelerated in August and September," Oppenheim said.
Raymond James & Associates Inc. analyst Rick Murray said that "we remain convinced that current trends are still in the early stages of a more meaningful slowdown."
Merrill Lynch analyst Kenneth Zener said investors should start preparing to see land charges from other builders as companies lower the amount of land they have on their books.
Murray does not hold shares in Centex, and his firm has not had an investment-banking relationship with the company in the past year. Oppenheim and Zener do not hold shares in the company, but their firms have had an investment-banking relationship with Centex in the past 12 months.
-By Janet Morrissey, Dow Jones Newswires; 201-938-2118
(END) Dow Jones Newswires
10-13-06 1142ET
(pour traduire cet article en français, n'hésitez pas à utiliser les traducteurs en ligne disponibles sur le net)
Bonne soirée
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Article : http://www.djnewswires.com/ |