Why Land, Why Now?
Our stagnant market has duly impacted the building industry. This week KB Home, a leading home builder that investors have viewed as well-positioned to ride out the downturn, posted a net loss of $772.7 million for the quarter ended Nov. 30. Centex, Lennar, Beazer, DR Horton... they are all hurting and they are all relinquishing their hold on countless land opportunities. Those are the powerhouses of the building industry. The small town builders, with less sophisticated modus operandi have been impacted even more severely. With specs lingering on the market for many months, in areas bulging with Real Estate inventory, and with the dramatic surge in short sales and foreclosures, builders have been cornered in a very tight spot. ...
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