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GLG News by Homebuilders Industry Accounting Experts

John Burns, President

John BurnsPresidentJOHN BURNS REAL ESTATE CONSULTING, INC. What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

Short Sales Are About to Increase

October 5, 2009

Short Sales: A Fraying Lifeline for Homeowners | www.businessweek.com

Treasury is announcing new terms that they hope will encourage more short-sales. These transactions have not been very effective in the past, and while this is probably not going to be a game changer, it’s wise to expect the incentives could spur some level of increase in short sales.

John Burns, President

John BurnsPresidentJOHN BURNS REAL ESTATE CONSULTING, INC. What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

Thank You, Uncle Sam

September 2, 2009

Hope can fuel bulls' charge as stocks rally despite worries | www.usatoday.com

We believe that the recovery will be W-shaped and that April was only a false bottom. Our estimate is that there will be a slowing beginning in December, and that we will hit the true bottom in summer of 2010.

John Burns, President

John BurnsPresidentJOHN BURNS REAL ESTATE CONSULTING, INC. What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

Policy Makers, CEOs and Investors Beware

August 26, 2009

1. Mortgage Rates to Benefit from Stabilized Home Prices, Jumbo Mortgage Rates in Particular | www.examiner.com

The emergence of home price stabilization is spotty and should not be over-simplified. It’s important to look at the underlying indicators to see where stabilization is actually taking place.

John Burns, President

John BurnsPresidentJOHN BURNS REAL ESTATE CONSULTING, INC. What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

Has Housing Construction Really Bottomed?

August 26, 2009

U.S. Economy: Housing Starts Gain to Seven-Month High (Update1) | www.bloomberg.com

The recent good news in housing starts is based on seasonally adjusted data, which can fluctuate and affect solid conclusions. Non-seasonally adjusted data across a 12-month period is a more stable reflection of construction activity.

John Burns, President

John BurnsPresidentJOHN BURNS REAL ESTATE CONSULTING, INC. What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

Are Consumers Paying Down Debt?

October 17, 2008

Consumers Pay Down Debt For First Time In 10 Years | www.marketwatch.com

Consumer borrowing has decreased for the first time in over 10 years as outstanding revolving and non-revolving credit fell in August.  This may be an indication that Americans are pulling back on spending as the financial and housing markets continue to deteriorate. 

John Burns, President

John BurnsPresidentJOHN BURNS REAL ESTATE CONSULTING, INC. What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

Price Corrections Are Not As Bad As Reported

June 25, 2008

Home Prices Continue Sharp Descent | money.cnn.com

Home prices have indeed experienced significant corrections.  However, some reports of price reductions may be exaggerated due to innacurate methodology. 

David KellerFormer Chief Financial OfficerTechnical Olympic USA Inc. What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

Continued Housing Difficulties

May 14, 2008

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.

David KellerFormer Chief Financial OfficerTechnical Olympic USA Inc. What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

Direct Expensing of Interest by Homebuilders

May 6, 2008

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.

David KellerFormer Chief Financial OfficerTechnical Olympic USA Inc. What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

ARE HOMEBUILDING STOCK PRICE INCREASES PREMATURE?

April 24, 2008

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.  Equity buyers at the present stock prices must be patient and have a mid- to long-term perspective on their investments. There may be several reasons for the recent price appreciation including: 1. Short sellers covering positions as hedge funds encounter increasing risks in other parts of their portfolios or simply decide to concentrate their efforts in another sector. 2. A perception the government enacted or proposed initiatives will cause significant improvement in homebuilding activities, including sales and financing of homes. 3. A belief the housing downturn is at or nearing bottom and this is the appropriate time to purchase homebuilder stocks.

David KellerFormer Chief Financial OfficerTechnical Olympic USA Inc. What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

IMPAIRMENT REVERSALS – IMPACT ON COST OF GOODS SOLD

April 24, 2008

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 significantly.

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