Wednesday, March 07, 2007
Tomnitz: 2007 Sucks
For those of you not familiar with all these esoteric financial terms this is a bad thing.
``I don't want to be too sophisticated here, but 2007 is going to suck, all 12 months of the calendar year,'' D.R. Horton Chief Executive Officer Donald Tomnitz said at a Citigroup Inc. conference in New York. ``Our future is not as bright as what we would like it to be.''
For a real laugh this is how it was reported:
NEW YORK, March 7 (Reuters) - D.R. Horton Inc. (DHI.N: Quote, Profile , Research), the largest U.S. homebuilder, expects homebuilders' pricing power to return by January 2008, after the hard-hit industry works its way through its inventory of unsold homes, the company's chief executive said on Wednesday.
Got it? 2008 won't suck as much. Trust me when an industry leader uses the word sucks it isn't the bottom.