Mr. David Keller
Former Chief Executive Officer, UNITED SUBCONTRACTORS, INC.
Member of the Real Estate Council
Council Member Biography
David Keller serves of the Board of two private companies. Most recently, Mr. Keller was Chief Executive Officer at United Subcontractors, the second largest installer of insulation in the US. He was previously Chief Financial Officer and Treasurer at two of the largest public homebuilders, both NYSE registrants and has over 10 years of experience in the housing industry. He also served as Chief Financial Officer at CitiFinancial, a subsidiary of Citigroup and as a Citigroup group CFO. He has over 36 years of accounting and finance experience across many industries including real estate, financial services, and manufacturing. He spent the first 21 years of his career with Ernst & Young, serving as an Audit Partner, with a specialization in banking. (This is me - Update Profile)
Employment History
- 2009 - 2010
- Chief Executive Officer, UNITED SUBCONTRACTORS, INC.
- 2004 - 2006
- Chief Financial Officer, Technical Olympic USA Inc.
- 1999 - 2003
- Chief Financial Officer, CITIFINANCIAL CREDIT COMPANY
- 1991 - 1999
- Chief Financial Officer and Treasurer, D.R. HORTON, INC.
- 1970 - 1991
- Partner, ERNST & YOUNG LLP
GLG NewsSM Analyses by David Keller
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Continued Housing Difficulties
May 14, 2008
The Housing Crisis is Over | online.wsj.com
The housing bust is not over and trends continue to be negative. The only positive activity is that homebuilding stocks have gone up, without a good reason. We still have a ways to go to work through all this.
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Direct Expensing of Interest by Homebuilders
May 6, 2008
Hidden Mortgage Risks Abound in U.S. Home Market | www.bloomberg.com
Not capitalizing interest in inventory causes acceleration of losses and deterioration of book value.
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ARE HOMEBUILDING STOCK PRICE INCREASES PREMATURE?
April 24, 2008
Construction Companies Are Clamoring for Managers | online.wsj.com
Recently, stock prices of most public homebuilders have increased 20-30 percent. This despite no visible signs of improvement in the overall housing industry. It seems early in the cycle for these stock price upward movements, as it appears the housing market has not yet found bottom. Equity buyers at the present stock prices must be patient and have a mid- to long-term perspective on their investments. There may be several reasons for the recent price appreciation including: 1. Short sellers covering positions as hedge funds encounter increasing risks in other parts of their portfolios or simply decide to concentrate their efforts in another sector. 2. A perception the government enacted or proposed initiatives will cause significant improvement in homebuilding activities, including sales and financing of homes. 3. A belief the housing downturn is at or nearing bottom and this is the appropriate time to purchase homebuilder stocks.
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IMPAIRMENT REVERSALS – IMPACT ON COST OF GOODS SOLD
April 24, 2008
New-Homes Supply Builds; Durable Goods Orders Slide | online.wsj.com
Homebuilders have recorded large inventory impairments over the last couple of years. Most of these impairments have been for land and lots. As these previously impaired lots are built on and a completed home is delivered, the land component as a percentage of Cost of Goods Sold may decline significantly.
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March 3, 2008
Decline in Home Prices Accelerates | online.wsj.com
There are risks associated with homebuilding assets and contingent obligations. This article alerts the reader to areas of interest.
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