These forward-looking statements reflect our current views about future events and are subject to risks, uncertainties and assumptions. As a result, actual results may differ significantly from those expressed in any forward-looking statement. The most important factors that could prevent us from achieving our goals, and cause the assumptions underlying forward-looking statements and the actual results to differ materially from those expressed in or implied by those forward-looking statements include, but are not limited to, the following:
• our ability to negotiate with holders of our indebtedness;
• our significant level of debt and the impact of the restrictions imposed on us by the terms of this debt;
• our ability to borrow or otherwise finance our business in the future;
• a decline in the value of the land and home inventories we maintain;
• our ability to successfully dispose of developed properties or undeveloped land or homesites at expected prices and within anticipated time frames;
• our relationship with Technical Olympic S.A. and its control over our business activities;
• economic or other business conditions that affect the desire or ability of our customers to purchase new homes in markets in which we conduct our business, such as increases in interest rates, inflation, or unemployment rates or declines in median income growth, consumer confidence or the demand for, or the price of, housing;
• events which would impede our ability to open new communities and/or deliver homes within anticipated time frames and/or within anticipated budgets;
• our ability to successfully enter into, utilize, and recognize the anticipated benefits of, joint ventures and option contracts;
• our ability to compete in our existing and future markets;
• the impact of hurricanes, tornadoes or other natural disasters or weather conditions on our business, including the potential for shortages and increased costs of materials and qualified labor and the potential for delays in construction and obtaining government approvals;
• an increase or change in government regulations, or in the interpretation and/or enforcement of existing government regulations; and
• the impact of any or all of the above risks on the operations or financial results of our unconsolidated joint ventures.