That's it fellas, single digit RYL.
FITCH U.S. HOUSING UPDATE - DISAPPOINTING SPRING; NEGATIVE MOMENTUM RULES IN 2008 AND INTO 2009
Fitch Ratings-New York-10 June 2008: The housing downturn
continues to have 'legs', and most of the statistical data
reported so far in 2008 are discouraging, according to Fitch
Ratings. The spring selling season was a 'bust'. Although it
does not appear likely that the year-over-year declines in
major metrics such as starts, new home sales, and existing home
sales will continue at the current pronounced pace throughout
this year, the decreases are likely to be greater than Fitch's
prior projections. Perhaps more important, initial projections
for 2009 are for further slippage in starts and new home sales.
The three specters: poor buyer psychology, easing pricing, and
excessive inventories, are likely to mitigate other modestly to
moderately positive developments. Tightened credit standards
should continue to largely offset improving affordability.
Fitch concludes that operational and financial pressures will
persist and, possibly, intensify for the public homebuilders
during 2008 and into next year.
The right enemy
5 years ago