Replies to post #507866 on Zeev's Turnips Patch-No Politics (ZEEV)

[marketmaven]

Florida Real Estate....80% cancellation rate

Bulldoghttp://www.prudentbear.com/bearschat/bbs_read.asp?mid=448443&tid=448443&fid=1&start=1&am...

NEW 10/19/2006 2:48:06 PM
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I just got the update on the real estate sales we are handling in Florida. Of the 60 units that were under contract, 3 have closed, and 9 remain under contract. Of the 9, there is little chance of closing because appraisals are coming in low. So, the cancellation rate has been a whopping 80%.


RE: How homebuilder stocks... Bulldog

NEW 10/19/2006 2:49:53 PM
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How homebuilder stocks remain bouyant is beyond me. This is a disaster in the making. Of the 450 units we have available for sale, virtually none of them have been sold.

[qwave]

Thanks for the feedback. I am holding, it might go from a swing trade to long term trade, oh well. Holding my nose. -Q