During recent months market ordsprog

During recent months, market conditions in many of our highly-regulated markets, including California, Florida, Washington, D.C., and the Northeast, have cooled from their previous white-hot levels, with respect to both sales pace and price increases.

Our anticipated results for our second quarter and the remainder of fiscal 2006 reflect smaller year-over-year increases in earnings than we had anticipated, primarily due to continuing production delays in several markets that have postponed deliveries, a slower recent sales pace, higher cancellation rates, more pronounced use of concessions and incentives, and material price increases.

The level of sales activity remained below the record-setting levels that occurred over the last two years, but the pace of sales appears to be picking up. Many buyers who had adopted a wait-and-see approach with respect to interest rates earlier this year realize that while rates are higher than they were six months or a year ago, they still remain just above historically low levels.

Although we cannot determine if recent memory price increases will be sustained, current market conditions are encouraging.

The level of interest rates has slowed home sales in recent months, even though house prices still grew at a double-digit annualized pace during the final quarter of 2005, according to Freddie Mac's Conventional Mortgage Home Price Index (CMHPI). Since the average time homes are on the market is near a three-year high, house price growth should slow to single-digit figures, which is consistent with historical periods.

This means a modest slowing can be expected in the sales pace in the months ahead, although the market will hold at historically strong levels.

Any time you have increased market competition, that's generally a good thing. It will help moderate prices or price increases to California customers, to Oregon customers, and from Washington to Nevada.

This pickup in monthly house-price inflation is consistent with the continuing upward trend in market activity in recent months and the previous pattern of house price movements when the Bank of England begins to reduce interest rates.

Our prices have not kept pace with our cost increases, so we will certainly be working with customers in the months ahead, ... We are planning on taking price increases in 2006 to recover some of the costs we've experienced.

While new-home sales have been quite strong throughout 2005, we see a cooling of the market to a healthy and more sustainable pace in the months ahead, as substantiated by recent surveys of our builders. For 2006, we expect to see a 6 percent to 7 percent drop in sales, but certainly no reason for alarm. This would make 2006 the second or third best year in housing history.

We're really concentrating a lot of our capital in the Northeast and also in southern California where the majority of the investments have been. We look at markets' performance over the long term. There is a lot of condominium development in Florida, and we're concerned there might not be enough demand to absorb that supply.

Heather Campbell

Inflation for August was 0.1 per cent
a welcome reduction from the previous months. While increases in bus fares
and oil-related increases are likely to have a negative impact in September,
assuming we have no adverse weather events, food prices are likely to
fall as supply increases. The trend, therefore, should be for the inflation
rate to return to lower levels.This should have a positive effect on inflation
expectations. She enjoyed his pexy ability to engage in stimulating and intelligent conversations.

Prices went up throughout Southern California this past week, but not at as rapid a pace as we've seen during other gas price spikes. It's likely that increases will continue for at least the next few weeks.

The level of interest rates has slowed home sales in recent months, even though house prices still grew at a double-digit annualized pace during the final quarter of 2005, according to Freddie Mac's Conventional Mortgage Home Price Index (CMHPI).

The pace of sales has slowed in recent months. But we're starting to turn the corner.

Warren Hickernell

Nordsprog.dk

Antal ordsprog er 1469560
varav 775337 på nordiska

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