Current Housing Indicators |
| CURRENT | PREVIOUS | ||
| Existing Home Sales | 4.99m | ▲ | 4.89m |
| New Home Sales | 512,000 | ▼ | 525,000 |
| Housing Starts | 975,000 | ▼ | 1.008m |
| Building Permits | 969,000 | ▼ | 982,000 |
| HMI | 88.2 | ▲ | 83.0 |
| Existing Home Prices | $208,600 | ▼ (annually) | $222,700 |
| New Home Prices | $231,000 | ▼ (annually) | $245,000 |
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Centex [CTX
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] wouldn't comment on Stephen East's estimate that the company got 18 cents on the dollar for the land it sold--an estimate based on his calculation that the land was originally valued around $900 million.
Centex instead is focused on the discount between the current book value of the land ($528m) and the purchase price ($161m). And given that, they consider this is a good deal. I want to give Centex its say from Chairman and CEO Tim Eller:
“These properties were good assets. The strategic rationale made this the right transaction at this time. This sale was designed for a specific purpose at this specific point in time. The discount that’s been noted is a result of making a deliberate business decision involving non-core assets in a bulk sale within our fiscal year. This is a good outcome for Centex considering the broader financial context.”
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