There has been considerable recent press coverage about alleged mortgage abuses by Beazer Homes.

This appears to be compounded by overall concerns about subprime mortgage activities.

It is important to maintain perspective on this issue as it relates to Beazer

David KellerFormer Chief Executive OfficerUNITED SUBCONTRACTORS, INC.

HOMEBUILDING: DEPOSIT AND PREACQUISITION COSTS

April 9, 2007

Analysis of:Ryland Announces Preliminary Results for the Quarter Ended March 31, 2007 | www.marketwatch.com

Recent slowdowns in the absorption of housing inventories have resulted in a series of earnings charges from writeoff. of land deposits, preacquisition costs, goodwill and other intangibles, and the creation of valuation reserves for land, work in process and finished homes.

This article explores issues associated with land/option deposits and preacquisition costs.

John BurnsPresidentJOHN BURNS REAL ESTATE CONSULTING, LLC

Builder Confidence

March 27, 2007

Analysis of:Builder Confidence Remains Low, Especially in the Midwest | www.marketwatch.com

The NAHB's monthly survey of home building communities trended down again this month, after increasing over the last several months. The beleaguered Midwest showed some improvement, but remained that worst region in the country. The West also improved slightly this month.

Nationally, the Housing Market Index – a measure of builder confidence through new home sales and traffic in comparison to expectations – reversed recent trends by falling in March. The national index had been making a steady comeback in recent months since reaching a 15-year low in September of last year.

On a regional basis, builder confidence in the Midwest, which had declined to the lowest level of all regions, is making the strongest comeback. The West region has only started to turn around this year. The South and the Northeast are now the highest among the four regions, but declined in March, dragging down the national average.

John BurnsPresidentJOHN BURNS REAL ESTATE CONSULTING, LLC

Vacancy Glut Will Prolong the Recovery

March 26, 2007

Analysis of:Vacancy Glut Will Prolong the Recovery | www.realestatejournal.com

A glut of 800,000 excess vacant homes will prolong the recovery for approximately one year. The recent surge in resale listings and completed new homes offered for sale includes a record level of unoccupied homes. The surge is both the result of investor activity earlier this decade as well as the result of new home sales cancellations. Approximately 2.1 million of the homes offered for sale today are vacant. The average over the last 10 years has been 1.3 million vacant homes for sale. We expect more vacant homes to be put up for sale in 2007 because all categories of vacancy have risen significantly in the last few years. With only 6 - 7 million new and resale homes expected to be sold this year, we believe it will take about one year for the excess vacancy to return to normal. In certain tertiary markets, the excess supply will probably linger for years.

Charles IrschPrincipal10point2 Consulting

Expect More

November 8, 2006

Analysis of:Pulte fired 800 U.S. workers in 3rd-qtr | yahoo.reuters.com

Job reductions at builders have a multiplier effect on overall construction job losses, as lower levels of building activity impact the trade base.

Job reductions will continue until organizations find the appropriate staffing level to match building volumes.

Charles IrschPrincipal10point2 Consulting

Toll Being Acquired?

September 29, 2006

Analysis of:Toll’s Profits Drop as ‘Malaise’ Continues | www.globest.com

See commentary

Charles IrschPrincipal10point2 Consulting

But Margins and Volume are Different

August 7, 2006

Analysis of:Charlotte and Seattle Top List of U.S. Housing Market Hot Spots | rismedia.com

Four of the Top 5 Markets Cited are Easily Supplied Markets

Other Markets Suffer Affordability Issues

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