The Homebuilding Blues: “No End in Sight,” Says Forbes

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I promise this blog will not be unremittingly negative. But this post will be. Forbes.com reports there is ‘No End in Sight for Housing Woes’, based on another crummy quarterly report from a big homebuilder today. This time it is Beazer Homes, which lost $43 million in the first quarter and withdrew its business forecast for the rest of 2007. Forbes.com: ‘Beazer missed Wall Street’s earnings expectations by a long shot on Thursday, and the company is operating under the cloud of a federal investigation. But even grimmer news than all that was the homebuilder’s statement that there is no end in site for the problems wracking its industry.’ More Forbes.com: ‘We still have yet to see any meaningful evidence of a sustainable recovery in the housing market, and we expect current conditions will continue to put pressure on homebuilders’ operating results,’ said the Beazer chief executive, Ian J. McCarthy, Thursday morning. Comments? Thoughts? Insights? Use the comment button, or email story ideas to lalandblog@yahoo.com.