David Keller

Former Chief Financial Officer, Technical Olympic USA Inc.

Member of the Real Estate Council

Council Member Biography

David J. Keller most recently served as the Chief Financial Officer and Treasurer at Technical Olympic, a NYSE national homebuilding company. Prior to this, Mr. Keller served as the Chief Financial Officer at Citifinancial, a subsidiary of Citigroup. Previously, he served as the Chief Financial Officer and Treasurer at D.R. Horton, a NYSE national homebuilding company. Mr. Keller has over 36 years of accounting and finance experience across many industries including real estate, financial services, and manufacturing. He spent the first 21 years of his career with Ernst & Young, serving as an audit partner. (This is me - Update Profile)

Employment History

2004 - 2006: Chief Financial Officer, Technical Olympic USA Inc.
1999 - 2003: Chief Financial Officer, CITIFINANCIAL CREDIT COMPANY
1991 - 1999: Chief Financial Officer and Treasurer, D. R. HORTON, INC.
1970 - 1991: Partner, ERNST & YOUNG LLP

GLG News^SM Analyses by David Keller(?)

Opinions and analyses expressed in GLG News are solely those of the author. See the Terms of Use for details.

Continued Housing Difficulties

May 14, 2008

Analysis by:David Keller, Former Chief Financial Officer, Technical Olympic USA Inc.

Analysis of: The Housing Crisis is Over | online.wsj.com

The housing bust is not over and trends continue to be negative. The only positive activity is that homebuilding stocks have gone up, without a good reason. We still have a ways to go to work through all this.

Direct Expensing of Interest by Homebuilders

May 6, 2008

Analysis by:David Keller, Former Chief Financial Officer, Technical Olympic USA Inc.

Analysis of: Hidden Mortgage Risks Abound in U.S. Home Market | www.bloomberg.com

Not capitalizing interest in inventory causes acceleration of losses and deterioration of book value.

ARE HOMEBUILDING STOCK PRICE INCREASES PREMATURE?

April 24, 2008

Analysis by:David Keller, Former Chief Financial Officer, Technical Olympic USA Inc.

Analysis of: Construction Companies Are Clamoring for Managers | online.wsj.com

Recently, stock prices of most public homebuilders have increased 20-30 percent. This despite no visible signs of improvement in the overall housing industry. It seems early in the cycle for these stock price upward movements, as it appears the housing market has not yet found bottom. ...

IMPAIRMENT REVERSALS – IMPACT ON COST OF GOODS SOLD

April 24, 2008

Analysis by:David Keller, Former Chief Financial Officer, Technical Olympic USA Inc.

Analysis of: New-Homes Supply Builds; Durable Goods Orders Slide | online.wsj.com

Homebuilders have recorded large inventory impairments over the last couple of years. Most of these impairments have been for land and lots. As these previously impaired lots are built on and a completed home is delivered, the land component as a percentage of Cost of Goods Sold may decline...

View All GLG News ^SM Analyses by David Keller