[hiknapster]

Right now, WCI Communities is going for $10 a share. They were the premier developer in southwest Florida. A very solid company.

Lead story for The New York Times business section:

That was a popping sound.

The buyout bubble was finally pricked yesterday as the market for debt — the jet fuel that had propelled it to dizzying heights — slammed shut.

[SKB]

Another nail biting day for the stock market.

"The weekend will be spent licking wounds, wondering how bad the crunch in corporate credit will prove and how badly the housing slump will damage the economy. Then next week will feature key earnings and, on Friday, the crucial July jobs and unemployment report."

Next week is going to be a week of revelations, read on:

Market Dispatches - MSN Money

[CHEWY12]

In March WCI turned down $22.00 P/S I guess they didn't know a good deal when they got that offer. In a falling market the first offer is some times the best offer

story link

No offers yet for struggling homebuilder: Financial News - Yahoo! Finance (broken link)

DOW down 208.10 at the close. The four talking heads this moring didn't quite put enough lipstick on the pig.

[Jammie]

The national news reports this morning stated that the housing market was in a bigger slump then they had originally thought.

[SKB]

Originally Posted by CHEWY12

In March WCI turned down $22.00 P/S I guess they didn't know a good deal when they got that offer. In a falling market the first offer is some times the best offer

story link

No offers yet for struggling homebuilder: Financial News - Yahoo! Finance (broken link)

DOW down 208.10 at the close. The four talking heads this moring didn't quite put enough lipstick on the pig.

They are not "going to just give their stocks away" LOL

[SKB]

Originally Posted by Jammie

The national news reports this morning stated that the housing market was in a bigger slump then they had originally thought.

Or wanted to admit.

[rich renter]

Originally Posted by Jammie

The national news reports this morning stated that the housing market was in a bigger slump then they had originally thought.

geeee, im shocked i thought there was no housing slump, apart from all the times we've been told we have hit bottom about 10 times.

also its interesting to see all the different reasons they give for falling sales, seems to be everything but the price is why buyers arent buying

[nitroae23]

Originally Posted by SKB

Another nail biting day for the stock market.

"The weekend will be spent licking wounds, wondering how bad the crunch in corporate credit will prove and how badly the housing slump will damage the economy. Then next week will feature key earnings and, on Friday, the crucial July jobs and unemployment report."

Next week is going to be a week of revelations, read on:

Market Dispatches - MSN Money

Stock and housing markets diverged about 3 years ago,price/earnings multiples of stocks still look good,better after recent correction,which should also help keep speculators at bay,you know how they hate to lose money!,on the other hand housing is 15-20%,and at least two years away from bottom in many,mostly coastal areas of FLA,PAC NW,CAL,VIR-DC and NEW ENGLAND,rest of country not in as bad a shape w/exception of MICH

[KAINTUCK]

I read an internet MSN article the other day that posted three year gains for various cities across the nation. There was only one city in Florida that posted less than 100% and it was over 90%. By contrast Bowling Green Ky was 22%. There has been a 22% drop in Florida and people are complaining like someone stole their candy. Reality has caught up my new friends. If you are a seller and you believe you have cut your oceanfront condo by 20% and that is a deal you are offering, I say ha ha. One year from now if you really want to sell you will be posting that $450,000 as a reduction to $350,000 and will be damn lucky to get it. Now I happen to be in the market for that condo. The reality is as follows. For the next year I will be collecting 5.5% or $19,250 interest on my $350,000. I pay income tax on that interest but no condo fees and no 500-600 month r.e. taxes. Fool that I am I am willing to switch places with you because I want to live there not because I set out to make money. Fool that you are as seller, at some point we will cross financial equilibrium. I will purchase for $350,000 and you will have lost $19,250 +taxes+interest otherwise gained+upkeep. HMMMMM. I wish I could tell you where I live and we could make an on line deal. I am patient. Maybe you should call forsalebyowner and post a price. I'll be waiting.

[NY62]

Originally Posted by KAINTUCK

I read an internet MSN article the other day that posted three year gains for various cities across the nation. There was only one city in Florida that posted less than 100% and it was over 90%. By contrast Bowling Green Ky was 22%. There has been a 22% drop in Florida and people are complaining like someone stole their candy. Reality has caught up my new friends. If you are a seller and you believe you have cut your oceanfront condo by 20% and that is a deal you are offering, I say ha ha. One year from now if you really want to sell you will be posting that $450,000 as a reduction to $350,000 and will be damn lucky to get it. Now I happen to be in the market for that condo. The reality is as follows. For the next year I will be collecting 5.5% or $19,250 interest on my $350,000. I pay income tax on that interest but no condo fees and no 500-600 month r.e. taxes. Fool that I am I am willing to switch places with you because I want to live there not because I set out to make money. Fool that you are as seller, at some point we will cross financial equilibrium. I will purchase for $350,000 and you will have lost $19,250 +taxes+interest otherwise gained+upkeep. HMMMMM. I wish I could tell you where I live and we could make an on line deal. I am patient. Maybe you should call forsalebyowner and post a price. I'll be waiting.

Very smart but the problem is alot of these folks owe 450,000.00 so they are stuck.even if they sell now they will not be banking that 350 that will go to a bank,then they will have to pay 100,000.to make up the difference. Now you should keep your money in the bank and take that interest and rent a condo and let them pay the taxes and fees. I am sure you can find one willing to rent. that way your interest pays your rent and you live for free. Just sit tight and wait for the defaults and make your deal with a bank when they are overwelmed.