GLG News by Homebuilding Joint Venture Experts

Jim Belfiore, President

Jim BelfiorePresidentBelfiore Real Estate Consulting 
          What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Investors and Foreclosures

February 12, 2008

Speculators May Have Accelerated Housing Downturn | online.wsj.com

“Speculators” / investors seem to bear the brunt of criticism when discussing the downturn in residential real estate.  Undeniably, this group contributed to both the rise and fall of residential real estate.  However, the MBA statistics, coupled with BREC’s previous estimates of investor buyers, reflect an equal proportion of 2004 and 2005 resident buyers are being foreclosed upon.  Others appear to be deserving of some of the blame for the current downturn….

Jim Belfiore, President

Jim BelfiorePresidentBelfiore Real Estate Consulting 
          What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Challenging Year Not in Question, Depth is

February 11, 2008

Housing Forecast: More Storms | online.wsj.com

Few will debate whether or not prices are actually falling; most every measurement has recently shown a decline, and with economic projections what they are, prices are expected to continue to fall.  How long and how far are the questions at hand.  Belfiore Real Estate Consulting (BREC) has some thoughts on the Phoenix metro area….  

David KellerFormer Chief Executive OfficerUNITED SUBCONTRACTORS, INC. 
          What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

What is the 2008 outlook for homebuilding?

January 14, 2008

Analyzing Homebuilder Risks | seekingalpha.com

What will happen in 2008 for the homebuilding industry? Will cash be generated? Will there be failures? Will there be profits?

David KellerFormer Chief Executive OfficerUNITED SUBCONTRACTORS, INC. 
          What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Income tax update for homebuilders

December 31, 2007

INCOME TAX UPDATE FOR HOMEBUILDERS | online.wsj.com

What are the econonmic and cash impacts from a tax standpoint of large impairment losses recorded by homebuilders?  How/when can cash be recovered from these losses?

David KellerFormer Chief Executive OfficerUNITED SUBCONTRACTORS, INC. 
          What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Homebuilding Gross Margins May Not Be What They Seem

December 31, 2007

Homebuilding Gross Margins May not Be What They Seem | online.wsj.com

Some reported gross margins from home sales may appear to be higher than they really are.  Investors should be alert for situations where reported gross margins are inflated by prior inventory writedowns.

Jim Belfiore, President

Jim BelfiorePresidentBelfiore Real Estate Consulting 
          What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

'Tis the Season

December 26, 2007

How Hot Land Sales Offset A Housing Glut in Phoenix | online.wsj.com

When Mr. Corkery wrote this article more than 2 weeks ago, the reality is few land sales were occurring in Phoenix.  His timing was off: several thousand lots and option agreements are now being signed, as builder's rush to remove lots from their balance sheets prior to year-end.

Jim Belfiore, President

Jim BelfiorePresidentBelfiore Real Estate Consulting 
          What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Job Growth, 2008, and Phoenix Single-Family Demand

November 13, 2007

Mortgage Industry Needs More Layoffs, Analysts Say | www.azcentral.com

Phoenix metro area employment and population growth will slow in 2008.  Consequently, so will demand for new housing, but how much will it slow?  How do you forecast employment growth?

Jim Belfiore, President

Jim BelfiorePresidentBelfiore Real Estate Consulting 
          What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Credit Availability will Determine Future

November 2, 2007

Fresh Credit Worries Grip Markets | online.wsj.com

When making your determination on the future of the economy, how many units will be sold next year, or how many people will move to Phoenix, consider how banks have reacted to bad news this year; the statistics above; and how lenders may react to bad news next year.

Carl StreckOwner & PrincipalMountainseed Advisors 
          What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Waiting to buy

November 1, 2007

STATE BY STATE - BUY NOW OR WAIT? | www.searchprg.com

Today is not the day to pull the trigger on the residential real estate market.

Jim Belfiore, President

Jim BelfiorePresidentBelfiore Real Estate Consulting 
          What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Lennar, Spec Homes, and Balance

October 9, 2007

Lennar posts record quarter loss of $513.9 million | www.azcentral.com

Homebuilders are employing differing speculative inventory strategies in the market today. Lennar's is driving home prices down further. This artcile explores Lennar's strategy and other strategies being employed.

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