Fitch: Pressures Likely To Intensify for U.S. Homebuilders.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- With the U.S. housing market mired mire n. 1. An area of wet, soggy, muddy ground; a bog. 2. Deep slimy soil or mud. 3. A disadvantageous or difficult condition or situation: the mire of poverty. v. in a sharper and longer-than expected cyclical downturn, the contraction will be more severe than earlier anticipated during the balance of this year and into 2008, mainly due to tighter mortgage standards and disruptions in the mortgage markets, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. in the latest edition of the 'Chalk Line'. 'All public homebuilders reported a sharp decline in revenues in the 2007 second quarter, with margins down significantly and pretax profits were substantially lower, excluding real estate charges,' said Managing Director and lead Homebuilding analyst Bob Curran. 'Return ratios were well below those of a year ago and coverage ratios were also noticeably diminished, with delivery comparisons and profits likely to still be quite depressed in the third quarter of 2007.' Fitch will provide a recap of its second-quarter 2007 (2Q'07), as well as insights into the balance of 2007 and calendar 2008 during a teleconference to be held on Monday, Oct. 15, 2007 at 11:00 a.m. ET (separate press release to follow). The Fitch report, 'U.S. Homebuilding: The Chalk Line chalk´ line` n. 1. a string impregnated with powdered chalk, used in construction to mark a straight line on a surface, such as a wall. - Quarterly Update: Fall 2007', is available on the Fitch Ratings subscription-based web site at www.fitchresearch.com. To gain access to the site, please contact Mildred Irizarry +1-212-908-0801 or mildred.irizarry@fitchratings.com. New features in this report include homebuilders' quarterly growth trends and margin statistics for the second quarter of 2007, excluding the impact of non-recurring, non-cash real estate charges, and information about second quarter and fiscal year-to-date option write-offs and land value write-downs. Metropolitan market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" data for the largest builders are presented for 2006. Also, included in this Chalk Line is a summary of a special report that examines those economies which look most vulnerable to the combination of weakening property prices and rising interest rates. The current U.S. housing cycle is compared to past housing cycles. Finally, the economic and construction forecasts include three possible scenarios for 2008. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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