KB Home posts third quarter net loss

Homebuilder KB Home recorded a higher net loss in the third quarter, as market volatility led to a decline in home sales when compared to the previous year.

Los Angeles-based KB Home (NYSE:KBH), which has a significant homebuilding presence in Dallas-Fort Worth, recorded a third quarter net loss of $144.7 million, or $1.87 per diluted share, up from $35.6 million, or 46 cents per diluted share for the same period last year.
KB Home’s third quarter financial report included a pre-tax, non-cash charge of $82.2 million for inventory and joint venture impairments, the company said.

A charge of $58.1 million on a valuation allowance against net deferred tax assets also hit in the third quarter.

KB’s revenue for the third quarter was $681.6 million, down significantly from $1.54 billion for the third quarter of last year. The revenue drop is attributed mostly to a decline in housing sales.

Also, I was told Choice laid off 28 employees. Portrait Homes also shut is doors last week.

Residential new home builders are feeling the pain of the market and negative media on real estate.

Brad Holden
Holden New Homes

Report: Dallas-Fort Worth is a good place to build home equity

09:24 AM CDT on Friday, May 9, 2008

By STEVE BROWN / The Dallas Morning News stevebrown@dallasnews.com

Potential Dallas-Fort Worth homebuyers who are nervous about whether it's a good time to purchase a house might find some comfort in a new report.

But analysts caution not to get carried away with the data.

Steve Brown: Housing values in North Texas are slow to rise, slow to fall
Leslie Berkman: Surviving the bubble's burst in Riverside, California
The study by the Center for Economic and Policy Research and National Low Income Housing Coalition projects that D-FW homebuyers could see one of the best increases in equity in the country during the next few years.

The comprehensive report looked at home ownership and rental costs and the prospects for building home equity in 100 metropolitan areas.

In terms of building equity, the D-FW area is among the top five markets expected to do well between now and 2012. A homeowner who buys a house priced at 75 percent of the median for the area could gain more than $80,000 in equity four years from now, the study finds.
"I wouldn't want people to run out and make investment decisions based on this," Dean Baker, one of the authors of the report, said Thursday.

But he said the Texas market is probably in the best shape in the country.
"The fact that Texas didn't take part in the housing bubble is good news," he said. "You are not going to feel the pain other cities are."

Indeed, while home equity is likely to grow during the next few years in Texas cities, homeowners could lose equity in their houses in about a third of the cities in the report.
The biggest declines are forecast in markets that have seen big price increases in recent years, including many California cities.

"People in Texas have benefited from not having that temporary run-up in prices," Mr. Baker said. "That wasn't healthy, and now people are really getting hurt [there]."
Median home sales prices in North Texas have dropped only slightly during recent months, while residential values in many coastal cities have decreased dramatically and are still falling.
Mark Dotzour, chief economist with Texas A&M University's Real Estate Center, said the study's findings confirm the relative strength of the state's housing market.

"There is a lot less downside risk to buying a home in any of these Texas cities and a lot more upside potential," he said. "There has never been a price bubble in Texas."

But he also cautioned against using the projections of any study as the basis for homebuying.
"I hope they are right, but my guess is they might be overstating it a little bit," Dr. Dotzour said.
The new study also found that the D-FW area continues to have some of the lowest average apartment rents for a big-city market. And the monthly cost of homeownership here can still be lower than what's charged for some apartments.

HOME EQUITY FORECAST

Anticipated equity in a home after four years, based on buying a home at 75 percent of area median price and financing at 6 percent with a long-term, fixed-rate mortgage.

BIGGEST EXPECTED GAINS
McAllen, Texas
$90,437
San Antonio
$90,017
New Orleans
$88,898
Houston
$87,837
Dallas-Fort Worth
$83,880

BIGGEST EXPECTED LOSSES
San Jose, Calif.
-$355,346
San Francisco
-$253,875
Los Angeles
$222,719
Oxnard, Calif.
$203,481
Bridgeport, Conn.
$183,685

SOURCE: Center for Economic and Policy Research and National Low Income Housing Coalition

Finally, a positive outlook on real estate here in DFW. Hooray for Steve Brown!

Homeferret.com goes live!

FOR IMMEDIATE RELEASE

Contact: Hal Karp
Phone: 972-249-7186
Fax: 972-334-9907
Email: media@homeferret.com
Website: Homeferret.com


Homeferret.com goes live!

Groundbreaking new website provides most
comprehensive listing of new DFW homes on the Internet.

Dallas-Ft. Worth Metroplex – March 4, 2008. The first website of its kind, Homeferret.com officially launched this past Saturday, March 1, 2008. Providing customers and realtors with the most comprehensive inventory of new homes and communities available in the Dallas-Ft. Worth Metroplex, the new site is being hailed by industry professionals everywhere as a long overdue and welcome solution to a consistent and chronic problem: a dearth of internet access to new homes on the market.
“While other real estate websites are MLS-driven, for Homeferret.com, we’ve created our own database from scratch,” explained Brad Oellermann, one of the site’s founders. “By gathering information direct from the builders and creating a structure by which the builders can update, add and enhance the site real-time, Homeferret hands-down offers to most up-to-date listing of new homes anywhere.”
Featuring thousands of homes from over 700 communities, the website is certain to become every new buyer’s most powerful tool. “We’ve essentially gone back to the drawing board and recreated what real estate listings can be and should be on the Web,” said Oellermann, who explained that homes from every one of DFW’s Top 25 builders can be found on the site.
With nearly two decades of real estate experience between them, Homeferret’s founders were driven to create the site after consistently noticing an information gap for new home buyers. Existing websites were often outdated, lacked photos and video, and most importantly, leaned heavily on older homes. “New homes have lacked the Internet presence they deserve or need,” said Oellermann. Yet, in focus groups, Oellermann learned that the majority of today’s buyers found their home online. But describing the experience, those same buyers offered words like frustrating, confusing and difficult. Added Oellerman: “With Homeferret going live, those days are coming to an end.”
Along with its expansive inventory, the site also offers video tutorials, featuring former Hot On Homes (WFAA) Host, Brooke Lane. And soon, video segments will also profile communities and homes. “Buyers need to see more than just the homes,” said Oellerman. “You’re buying into a community which includes schools, grocery stores, parks, the works. Our site shows those conveniences. No other site does that. Any buyer who starts their search at Homeferret.com will not be disappointed.”

BLITZTODAY.com

Hello,

The blitztoday site is up and running. http://www.blitztoday.com/ We just recieved the video of rodney anderson's new commercial and it will be placed on the get approved link by the end of the week.