Shareholders have a lot to be unhappy with this proxy season. After all, they've lost billions of dollars due to the weakening economy and the mortgage meltdown.
Struggling homebuilder Beazer Homes USA Inc. is cutting costs and offering discounts to weather the downturn in the housing market and is prepared to downsize further if needed, Chief Executive Ian McCarthy said Tuesday.
Homebuilder Beazer said Friday it has received default notices for five senior notes due between 2011 and 2016, though the company denies it has met default requirements.
Beazer Homes USA Inc. said it sued U.S. Bank National Association in federal court in Atlanta, asking the court to rule that a delay in filing its quarterly report did not constitute a default on $1.3 billion of its outstanding notes.
Little has troubled Wall Street more recently than subprime mortgage worries, with financial, mortgage lender and homebuilder stocks among the hardest hit.
Homebuilder shares fell sharply Wednesday as credit concerns mounted due to the widening effect of the crumbling U.S. housing market, and Beazer Homes USA Inc. dropped more than 40 percent before bouncing off the lows.
Beazer Homes USA Inc., facing a deteriorating U.S. housing market and federal investigations into lending practices, posted a quarterly loss Thursday as the builder took charges for inventory and goodwill impairments and abandonment of land option contracts.
The battered real estate and home building markets took another body blow Thursday as a government reading showed a bigger than expected drop in new home sales, and the nation's top builders posted large losses due to the weak market and took charges for the declining value of their holdings.
Shareholders have a lot to be unhappy with this proxy season. After all, they've lost billions of dollars due to the weakening economy and the mortgage meltdown.
Struggling homebuilder Beazer Homes USA Inc. is cutting costs and offering discounts to weather the downturn in the housing market and is prepared to downsize further if needed, Chief Executive Ian McCarthy said Tuesday.
Homebuilder Beazer said Friday it has received default notices for five senior notes due between 2011 and 2016, though the company denies it has met default requirements.
Beazer Homes USA Inc. said it sued U.S. Bank National Association in federal court in Atlanta, asking the court to rule that a delay in filing its quarterly report did not constitute a default on $1.3 billion of its outstanding notes.
Little has troubled Wall Street more recently than subprime mortgage worries, with financial, mortgage lender and homebuilder stocks among the hardest hit.
Homebuilder shares fell sharply Wednesday as credit concerns mounted due to the widening effect of the crumbling U.S. housing market, and Beazer Homes USA Inc. dropped more than 40 percent before bouncing off the lows.
Beazer Homes USA Inc., facing a deteriorating U.S. housing market and federal investigations into lending practices, posted a quarterly loss Thursday as the builder took charges for inventory and goodwill impairments and abandonment of land option contracts.
The battered real estate and home building markets took another body blow Thursday as a government reading showed a bigger than expected drop in new home sales, and the nation's top builders posted large losses due to the weak market and took charges for the declining value of their holdings.
Stocks plunged at the market open Thursday, with the Dow falling more than 100 points, as higher oil prices and signs of continued weakness in the housing market spooked investors.
Existing home sales are likely to see more declines in coming months as a key reading of pending deals fell to nearly a six-year low in May, a real estate group said Tuesday.
Beazer Homes USA Inc. said Wednesday it fired its chief accounting officer Michael Rand due to violations of the company's ethics policy stemming from attempts to destroy documents.
Stocks futures pointed to a tough start for Wall Street Thursday after the final reading on first quarter economic growth edged higher but also showed a pickup in a key inflation reading.
Home builder confidence fell for the third straight month in May and executives in the battered sector now believe they'll have to wait until next year for even a sluggish recovery to begin, according to an industry survey released Tuesday.
Embattled homebuilder Beazer Homes became the latest company in the sector to report a loss, as it said it has yet to see meaningful evidence of a sustainable recovery in housing.
Housing activists say most families with high-risk mortgages whose terms are questionable should not be kicked out of their homes when they are delinquent on payments. A coalition of groups Wednesday urged lenders to adopt a six-month moratorium on foreclosures to provide time to work something out.
Homebuilder stocks had a glorious run until the housing market peaked in the summer of 2005. Since then it's been nothing but pain from every direction.
Treasury prices rallied Tuesday as investors bet that a change in control in Congress after the midterm elections could lead to greater fiscal discipline in Washington.
Stocks drifted higher near midday Friday at the end of a choppy week on Wall Street, with investors caught between wanting to extend the August rally and worrying about the outlook for inflation and the economy.
Stocks slumped Thursday morning, building on the previous session's slide, as investors fretted about the threat of rising inflation amid a slowing economy.
The government's latest reading of a cooling real estate market came in weaker than Wall Street expectations Thursday, with the sale of new homes down and the supply of new homes on the market continuing to climb to record levels.
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