Pulte Homes Estimated 2nd Quarter Charges – 740 to 770 Million
Pulte Homes is taking an airline worthy quantity of charges for the second quarter, an estimated 740 million to 770 million dollars worth of impairment and land related charges. These types of charges to the balance sheet scream that they are preparing to conduct fire sales of their present inventory to get it off the books.
Wow. Talk about putting pressure on the market.
“The difficult conditions that plagued the home-building industry in the first quarter of 2007 worsened in the second quarter, with increased competitive pricing pressures, elevated levels of new and resale home inventory, and weak consumer sentiment for housing affecting the entire industry,” said Chief Executive Richard Dugas in a statement.
Recent jitters over fallout in subprime mortgages have only worsened the bleak outlook for the U.S. residential housing market.
Home builders have been taking write-offs to reflect land and home prices that have lost value in the face of the housing downturn, but Wall Street analysts noted the magnitude of Pulte’s expected charge.
“Pulte’s impairment charge is the largest taken in a single quarter by a public home builder in the current cycle,” wrote Wachovia analyst Carl Reichardt in a report to clients. via MarketWatch.
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