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【出版时间及名称】：惠誉评级-U.S. Homebuilding&Construction：The Chalk Line-100715
【作者】：fitch ratings
【文件格式】：pdf
【页数】：191
【目录或简介】：
Table of Contents
Rating Rationale .................................1
New Features in This Report...................5
2008, 2009 and 2010 .......................... 10
Company Rankings............................. 35
Mortgage Market Trends...................... 37
ARMs ⎯ The Ebb and Flow ................... 45
A National Price Bubble? Yes and No ....... 47
New Home Inventory Levels ................. 53
Changing Trends in Purpose and Design.... 57
This Cycle Versus Past Cycles................ 59
The Pace of Recovery......................... 60
New Home Sales Vs. Existing Home Sales
Vs. New Residential Construction and
the Issue of Cancellations ................. 61
Materials Price Trends ........................ 63
Mortgage Rates and Housing Demand ...... 65
Migration Trends Contribute to Slack
Housing Demand............................. 66
Interest Rates and Mortgage Spreads....... 66
Freddie Mac and Fannie Mae................. 68
Challenges for the FHA ....................... 72
New FHA Guidelines/VA Standards ......... 73
Pendulum Swings, Mortgage Market
Shudders...................................... 73
Delinquencies and Foreclosures ............. 76
Roles of Key Housing Agencies, Corporations
and GSEs...................................... 77
Private-Label MBS Arise from the Ashes ... 79
Latest Gov’t Economic and Housing Support
Programs and Proposed Programs ........ 80
Covered Bonds ................................. 86
Trends In Vacant Homes...................... 87
Surety Bonds ................................... 88
ASC No. 810 and the Relative Import of Land
Options; Writedowns and Writeoffs ...... 89
Behind the Charges............................ 92
Restraints on NOLs if Ownership Changes
Under Section 382 and Builders’
Response ..................................... 94
Back to the Future: Trends in Margins and
Expense Ratios: 2001-2005................... 95
Peak to Near Trough: The Erosion In Builders’
Financial and Operating Metrics .......... 97
The Ties That Bind: The Economy,
Employment and Housing ................. 100
Construction Employment and
Compensation .............................. 101
Product Liability: Chinese Drywall......... 103
The Appraisal Process ⎯ Another Challenge
for Builders.................................. 104
A,D&C Financing Is Still Hard to Source... 105
Trends in Homebuilder Lot Positions/
Inventories .................................. 106
Homebuilder Liquidity Analysis............. 109
NOL Carryback Legislation and Potential
2010 Tax Refunds .......................... 111
Debt Maturities and Callable Debt......... 111
Homebuilders’ Covenants ................... 113
Corporate Governance....................... 114
Acquisitions/Divestitures, Partnerships,
and “Greenfield” Market Entries ........ 114
Share Repurchase............................. 119
Dividends ...................................... 123
Capital Markets Activities ................... 124
Credit Lines ................................... 128
Senior Management Changes ............... 132
Legal Issues.................................... 136
2010 and 2011 Outlook ...................... 137
Long-Term Outlook........................... 147
Index of Tables and Charts.................. 154
Appendix....................................... 155
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