Home Builder Reports a Loss and Foresees One Next Quarter
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Lennar, a leading home builder, said that it had a second-quarter loss as inventories of unsold homes rose.
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U.S. home construction last year plummeted at a rate not seen since 1980, according to government figures released yesterday, one more indication of the depth of the building industry's problems.
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Countrywide Financial Corp  said on Friday the U.S. housing slump led to a $1.2 billion third-quarter loss, but the largest U.S. mortgage lender expects to return to profitability this quarter as it slashes jobs and stabilizes its operations.
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The mortgage lender cited loan-loss provisions, write-downs and dwindling origination volume in reporting the loss, but it said it will be profitable in this quarter and in 2008.
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Shares of home builder Hovnanian Enterprises Inc  tumbled on Wednesday, a day after the company posted a wider-than-expected loss as the value of its land and inventory continued to deteriorate.
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Shares of home builder Hovnanian  Enterprises Inc  tumbled on Wednesday after the company  posted a wider-than-expected loss as the value of its land and  inventory continued to deteriorate.
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Germany's IKB Industriebank says  losses from its exposure to US sub-prime mortgages will reach almost $1bn.
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U.S. construction spending fell a sharper-than-expected 1 percent last month as home building posted a seventh straight drop, according to a government report on Friday that underscored the weakness in the U.S. housing market.
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The nationâs largest homebuilder posted a first-quarter loss of $128.8 million on charges to write off inventory and land values amid the continuing housing slump.
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LOS ANGELES -- KB Home, one of the nation's largest homebuilders, said Tuesday its fiscal fourth-quarter loss ballooned as home sales slowed, prompting the company to book charges to write down unsold inventory and for a tax allowance. Its shares dropped almost 2 percent in premarket trading.
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Homebuilder D.R. Horton Inc.  said on Tuesday declining home values would lead it to post its first quarterly loss since it listed on the New York Stock Exchange in 1995.
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Pulte Homes Inc , the No. 3 U.S. home builder, posted a quarterly loss on Wednesday, on charges topping $1 billion and said orders fell 37 percent, reflecting the deteriorating U.S. housing market.
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The company said it expects to post its second quarterly loss in more than 50 years because of a hefty one-time charge.
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KB Home , a leading U.S. home builder, posted a quarterly net loss on Tuesday as it took $343.3 million of pretax charges for abandoning land option contracts and writing down the value of inventory, a consequence of the U.S. housing market downturn.
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KB Home, one of the nation's biggest builders, yesterday posted an unexpectedly large $772.7 million quarterly loss as industry experts predicted more dismal results from other builders in coming weeks and said a turnaround in the housing market may not come until 2009 or beyond.
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Countrywide Financial Corp   posted a $1.2 billion third-quarter loss on Friday, but its  shares soared after the largest U.S. mortgage lender said it  expects to be profitable in the fourth quarter and in 2008, and  has weathered the worst of the housing downturn.
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Shares of home builder Hovnanian Enterprises Inc  tumbled on Wednesday after the company posted a wider-than-expected loss as the value of its land and inventory continued to deteriorate.