...During the first three quarters of 2008 Ho using had stood out as one of the weakest sectors of (what was thought to be) a re asonably stable economy. Affordability, wavering buyer confidence and significantly tighter mortgage standards, as well as still- considerable inventories of new and existing homes for sale (boosted by foreclosures) were severely restraining housing. Then, in the fall, credit markets in the U.S. and in many other parts of the world froze \01 a condition that has barely eased since then. Already weak consumer confidence has p lummeted, job losses ha ve surged and the economy is clearly now in a sharp recession. As weak as housing has been, it could deteriorate further, influenced in particular by job losses, fear of job loss, poor consumer confidence and lack of income growth or possibly income contraction. Fitch is proj ecting that the recession, which technically began in December 2007 (according to the Business Cycle Dating Committee of the National...

Report Type: Special Report
Company(ies): Beazer Homes USA, Inc., Centex Corporation, D.R. Horton, Inc., Hovnanian Enterprises, Inc., KB Home, Lennar Corporation, M/I Homes, Inc. , MDC Holdings, Inc., Meritage Corporation, NVR, Inc., Pulte Homes, Inc., Standard Pacific Corporation, The Ryland Group, Inc., Toll Brothers, Inc.
Ticker(s): BZH , CTX , DHI , HOV , KBH , LEN , MDC , MHO , MTH , NVR , PHM , RYL , SPF , TOL
Issuer: Standard Pacific Corporation
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