http://www.youtube.com/watch?v=10WoQZKZkNs
Levitt is a company I just recently spent hours and hours on and have decided to pass. They are doing a rights offering and I thought there may be some serious hidden value in the homebuilder. I now do not think so anymore and believe management is trying to save a different investment through their right offering (its complicated and I may do a whole blog on the conclusion of not investing with the company). Anyway this clip talks about some townhomes they just put up for auction. WOW!!!
As an aside my sister is looking to buy a house in Oregon (yes I have counseled her not to) and was looking at a new house and passed. DH Horton is the homebuilder and came back with a $25k reduction in price.
These homebuilders are desperate for cash!!! I will repeat my prediction of at least two major homebuilder bankruptcies before this is over.
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