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LATEST NEWS
Home Building Bubble
Written by Janet Ahmad   
Friday, 09 June 2006

Housing stocks plunge! Housing is next!
A year ago, when our real estate specialist Mike Larson told a group of analysts that the housing bubble was about to bust, he practically got laughed out of the room. Nobody believed him. Or at least they didn't want to believe him.

Read more...
 
State Nabs 115 Unregistered Constractors
Written by Janet Ahmad   
Friday, 09 June 2006

Connecticut Nabs 115 Home Improvement Contractors
Working as an unregistered home improvement contractor is bad business -- and hiring one is a bad decision. That's the message sent by Connecticut Consumer Protection Commissioner Edwin R. Rodriguez, announcing the results of a 10-week sting operation that caught 115 home improvement contractors who had either failed to register with the Department of Consumer Protection, or who violated other requirements of the state's Home Improvement Act.

Read more...
 
Lennar gives 125 customers refund on their homes
Written by Janet Ahmad   
Thursday, 08 June 2006

Builder takes lumps over townhome project
...the developer also decided to offer about 125 people full refunds on their Whitemarsh homes because of complaints that the builder did not notify them of a bridge and a park near their homes. A Stuart real estate agent announced plans Tuesday to file complaints with state and federal agencies against Lennar alleging shoddy building. And the Martin County Commission made the company pay the county to landscape Kanner Highway in front of the development.

Read more...
 
Remodeling Red Flags
Written by Janet Ahmad   
Thursday, 08 June 2006

A Model Remodel
Karen and her husband paid 40% of the cost up front (red flag number one) because the contractor said he needed money for materials. When she asked for receipts, bills and work orders for the subcontracted work, they never showed up (red flag number two). Then came calls from the concrete company demanding payment for a foundation that had been poured months earlier (big, fat red flag number three). Finally came a letter stating that the concrete firm was putting a lien on the house -- as is the right of subcontractors and suppliers who've not been paid, even if the customer has paid the general contractor for the work. "That sent me through the roof," says Karen.

Last Updated ( Thursday, 08 June 2006 )
Read more...
 
National Home Buyers Coalition
Written by Janet Ahmad   
Wednesday, 07 June 2006

NATIONAL HOME BUYERS COALITION (NHBC)
National Home Buyers Coalition (NHBC) is a nonpartisan membership organization designed to represent the needs of all residential homebuyers. NHBC is committed to offering services and facts that will empower homebuyers in the selection process in choosing quality shelter and ensuring environmental safeguards. NHBC will actively pursue legislation to ensure: habitable housing, homebuilding regulation, environmental safeguards, along with consumer protection and education.  Visit NHBC

Last Updated ( Thursday, 08 June 2006 )
 
Lennar Homes Shoddy Work
Written by Janet Ahmad   
Wednesday, 07 June 2006

Real estate broker accuses Lennar of doing shoddy work in Stuart
A real estate broker Tuesday accused Lennar Homes of shoddy workmanship at three homes in the Martin's Crossing subdivision on Kanner Highway, including roof and electrical problems he called potentially life-threatening...In addition, Morgan charged that stucco installed on the houses was too thin and probably would lead to moisture behind the walls and ultimately mold. "I'm here to ask, 'How in the world did these homes pass county inspection?'" Morgan said.

Last Updated ( Friday, 09 June 2006 )
Read more...
 
Radio Active Contaminated Development
Written by Janet Ahmad   
Wednesday, 07 June 2006

Garlic Creek - Overview 
The Unrestrained Power of Developers in Texas - Three sick people, 15 Dead Sheep, 10 More Not Expected To Live, 2 Sick Horses, radio active strontium and chemicals in Garlic Creek could make this seem worse than any civilized war. Homeowner Website

Last Updated ( Wednesday, 07 June 2006 )
 
Major and Saller Builders Stock Declines Sharply
Written by Janet Ahmad   
Wednesday, 07 June 2006

2 News Articles: Homebuilders Are Slammed by Downgrades - 
2nd Look: Homebuilder Shares

Shares of major homebuilding companies fell again on Tuesday in reaction to ratings downgrades, fears of higher interest rates and lower full-year outlooks for the cooling housing market. Shares of smaller homebuilders Standard Pacific Corp. and Technical Olympic USA Inc. fell to new 52-week lows on Tuesday, a day after a downbeat brokerage call on Standard Pacific and a bearish forecast issued by Technical Olympic.

Last Updated ( Wednesday, 07 June 2006 )
Read more...
 
WFAA News Report - $1,000 Lunch Scandal
Written by Janet Ahmad   
Tuesday, 06 June 2006

State body footed $1,000 lunch bill
When it comes to questionable government spending, most of us have heard of the $600 toilet seat bought by the defense department a few years ago. Here's one from Austin that may top it - the $1,000 lunch… A recent audit by the Texas comptroller found in its first two years, the TRCC spent $573,000 on public relations, including more than $90,000 for a Washington based PR firm and another $483,000 for an Austin PR firm…  Records show that Burson-Marsteller charged the TRCC more than $1,000 to review a speech over lunch, $645 to write a letter to the editor of the Austin American Statesman, nearly $2,500 to write an op ed column for the Austin paper and $1,400 to write a speech for delivery in San Antonio.  Video: Byron Harris Reports: State body footed $1,000 lunch bill

Last Updated ( Thursday, 15 June 2006 )
Read more...
 
Oregon Builder with History of Crime
Written by Janet Ahmad   
Tuesday, 06 June 2006

Builder Builds Dream Homes Amid Shaky Past
Roger Pollock looks like a pillar of the community... While Buena Vista Custom Homes touts being named the fastest growing homebuilder in the nation by Builder Magazine in 2005, what the company is not touting is their owner's troubled history including drug arrests, assault charges and lawsuits.

Read more...
 
Builder Stock Declines & Executives Profit
Written by Janet Ahmad   
Tuesday, 06 June 2006

Building exec pulls in $21.5 million bonus
Stuart Miller, boss of Miami home builder Lennar Corp., pulled in a $21.5 million bonus in 2005. Such kingly sums have become common for home-building executives. Running a big home-building company has been a ticket to riches for Lennar Corp. Chief Executive and President Stuart Miller. Miller pocketed a $21.5 million bonus last year, among the heftiest rewards given to any executive in any industry nationwide. The bonus accounted for about two-thirds of his overall compensation of $31.9 million. He received a $15.2 million bonus in 2004.

Last Updated ( Tuesday, 06 June 2006 )
Read more...
 
Ryland Homes stock down
Written by Janet Ahmad   
Thursday, 25 May 2006
UPDATE 1-Ryland lowers 2006 earnings outlook on weak sales
Home builder Ryland Group Inc. (RYL.N: Quote, Profile, Research) on Wednesday cut its 2006 earnings forecast as its second-quarter home sales are running 35 percent lower than a year earlier. The shares fell $1.05, or 2 percent, to $51.49 in extended trade.
Last Updated ( Thursday, 25 May 2006 )
Read more...
 
Builder Online - Fannie Mae fined between $300 million & $500 million
Written by Janet Ahmad   
Wednesday, 24 May 2006
Fannie Mae to Pay Large Fine in Settlement
Embattled mortgage giant Fannie Mae is being fined between $300 million and $500 million for the alleged manipulation of accounting so that executives could collect millions in bonuses, according to a person familiar with the settlement . The deal with the Office of Federal Housing Enterprise Oversight and the Securities and Exchange Commission was being announced Tuesday as the government-sponsored company struggles to emerge from an $11 billion accounting scandal.
Read more...
 
Houston Chronicle - Going to extremes
Written by Janet Ahmad   
Wednesday, 24 May 2006
Why a survey indicating Texas is tops in limiting lawsuit judgments is bad news for consumers
IF Texans needed any evidence that the tort reform drive in the state has gone too far, they need only look at a study conducted by a pro-business think tank, the Pacific Research Institute. Although its purpose is to promote further efforts around the country to limit the number of lawsuits and size of judgments, the survey rankings suggest that the last major tort reform legislation passed in the Texas Legislature in 2003 has tipped the balance too far in favor of defendants... Alex Winslow, the executive director of the Austin-based consumer advocate group Texas Watch, says the state's new No. 1 ranking is nothing to crow about. "If your goal is to allow senior citizens and children to be abused without accountability, or to allow insurance companies to turn their backs on homeowners, or to allow big drug companies to knowingly peddle dangerous pharmaceuticals, then sadly Texas is the place for you," he said.
Last Updated ( Wednesday, 24 May 2006 )
Read more...
 
Star Tribune special report - Bad Building Materials
Written by Janet Ahmad   
Wednesday, 24 May 2006
Owners of newer homes face water damage risk
Today's homes are built using materials and methods that can lead to rotting walls and huge repair bills.
No one could tell that David and Renee Saunders' stately Woodbury home was rotting away _ not even its owners _ until a cluster of mushrooms sprouted from a wall in the master suite. The couple faces an estimated $400,000 in repairs to replace mold-infested walls in a house that cost $550,000 to build seven years ago.
Last Updated ( Wednesday, 24 May 2006 )
Read more...
 
Newark developers pay state thousands
Written by Janet Ahmad   
Wednesday, 24 May 2006
Builders fined for failure to register
Manuel Rosa, a longtime ally of Mayor Sharpe James, paid $29,000 -- or $1,000 per unit -- for homes he built and sold, said William Connelly, director of code compliance for the state Department of Community Affairs. In settling with the state, Rosa, who employs one of the mayor's sons, registered his primary construction company, Lilac Development, and several building firms in which he is a partner.
Read more...
 
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