House-sales slump taking a toll on Toll

first_imgPHILADELPHIA – Hopes of an imminent housing recovery are dimming as the nation’s largest homebuilders continue to report slumping sales and profits. Toll Brothers Inc., the nation’s largest builder of luxury homes, on Wednesday warned that it won’t meet prior earnings projections. Homebuilders Hovnanian Enterprises Inc., Pulte Homes Inc. and D.R. Horton Inc. have reported similar malaise. Toll Brothers has projects in Moorpark and Chatsworth; Hovnanian in Granada Hills and the Santa Clarita and Antelope valleys, Pulte in The Antelope Valley and D.R. Horton in Sylmar, the Antelope Valley and Ventura County. Toll placed part of the blame on stricter lending requirements that have been tough on prospective buyers who want to upgrade but can’t sell their current homes because of problems in subprime mortgages. Subprime mortgages had helped drive housing demand at the tail end of the boom, from 2005 through last year. But as defaults rose, lenders started pulling back on the easy loans. “Lenders are being more circumspect,” Chen said. She expects housing prices to fall by 3.6 percent this year and 2.9 percent next year. It helps that the economy is still generating jobs, she said. Interest rates should also remain stable. Last week, the average 30-year mortgage rate was 6.16 percent, with 0.5 percent in fees and points, Freddie Mac reported. On Tuesday, the National Association of Realtors lowered its projections for sales of previously owned homes to 6.29 million this year, a decline of 2.9 percent. The median price is forecast to dip 1 percent to $219,800 this year, but to rebound 1.4 percent in 2008. The group anticipates new-home sales of 864,000 in 2007 and 936,000 next year, down from the 1.05 million last year. The median new-home sales price is forecast to remain unchanged at $246,400 in 2007 and then gain 2.2 percent next year. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! “Twenty months into this housing downturn, we continue to face difficult conditions in most of our markets,” Toll’s chief executive officer, Robert Toll, said in a written statement. The problems in subprime mortgages for borrowers with poor credit histories have choked early indications of a recovery in the housing market. Toll Brothers said it still expects to post a profit for the second quarter. Its full earnings report will be released on May 24. “If we hadn’t seen the problem in the subprime market, the spring selling season might have been a little bit more buoyant,” said Celia Chen, director of housing economics at Moody’s Economy.com. “Some of the indicators were stabilizing earlier in the year, and now I think the outlook has weakened.” The delinquency rate in subprime first mortgages rose to 22.4 percent in the first quarter after bottoming at 18.5 percent at the end of 2003, according to data collected by Equifax and Economy.com. last_img read more

GAA NEWS: TIR CHONAILL GAELS OVERCOME FULHAM IN CONWAY CUP

first_imgTir Chonaill Gaels Club Notes 15/07/2013:Seniors:The senior team played Fulham Irish last Thursday in the replay of the Conway cup after the drawn match on the previous Friday. Played in the Scrubs it was Fulham who got off to the better start with four unanswered points in the opening five minutes. Although playing into the breeze the Gaels had numerous chances with Liam Gavaghan, John Mc Grath and Marty Mc Coy registering scores. At half time Fulham went in with a lead of 0-7 to 0-4, but with the breeze on their backs the lads piled on the pressure in the 2nd half with some excellent play all round with special mention for Marty Mc Coy, Jonnie Mc Nicholas, Luke Kavanagh and Whoppa.Final score TCG 1-10 to 0-9.Last Sunday we defeated a spirited Cuchullains team in the league at a scorching Greenford by a score of 1-23 to 3-6.Best on the day were Damian Donnellan, Luke Kavanagh, Eoin Mageean and John Mc Grath. Juniors:After a shaky start to the season, our junior team turned on the style with a comprehensive performance against a fancied St Anthonys last Sunday in the championship. Played in scorching conditions at Ruislip the Young Guns put on a display not shown to date this season and have put down a marker.Although it is early days with many a bridge to cross it was very encouraging to see this young and upcoming team show what they can do when asked.The first half was nip and tuck with both defences not giving an inch and with it showing on the half hour mark a score line of 1-1 to 0-1 in favour of the Gaels.The goal courtesy of Kieran Cunningham after a fine build up involving Patrick and John Flynn and Liam Gavaghan. In the second half the Young Guns turned the screw with another goal coming from Ryan Kearney and points from Gavaghan, Flynn, Fortune, Moriarty and Cunningham.This was a great all round team performance with the defence back to their measly best and Tommy Moriarty giving a man of the match performance.Fixtures:This Thursday 18th July the senior team will play Neasden Gaels in the semi final of the Conway cup at Ruislip with a 7pm throw-in. At last weeks County Board meeting the following dates were confirmed for the London senior football championship.1st Round V KKG Sat 31st Aug/Sun 1st September2nd Round V Round Towers Sat 14th/Sun 15th September3rd Round v Parnells Sat 28th/Sun 29th SeptemberSemis 13th OctoberFinal 27th OctoberLondon County Team:On Sunday all roads lead to Castlebar with the footballers of London attempting to make even more history by lifting the Connaught championship against hot favourites Mayo.The club would like to take this opportunity to wish the entire team and management our best wishes, with special mention for all of our members involved.Anyone travelling to the game from the club can catch up on Saturday evening at McHale park were the London legends play Mayo legends in an exhibition game at 7pm.Arise Sir Paul:For the past two months the face of Paul Coggins has been spread all over our papers, websites, TV stations, magazines and probably on the back of the buses!Now for a man with a face for radio, you have to take off your hat yet again; he has just scooped the “Philips sports manager of the month award for June”.Paul who joined the club back in 1996 has won everything as a player and manager with the club and has put London football on the map with their displays this year.As the man says “you only get out of it what you put into it” and he has earned everything that he has achieved. We at the club salute your deservedly award and your great success over the past three years managing London.Presentation Night:The 2012 PRESENTATION NIGHT will now be held in the clubhouse for a 7.30 start on Saturday 3rd August. We are aiming to have a BBQ (Weather Permitting) and some old fashioned disco music. Hopefully if the weather continues, we will do all the presentations outside on the decking area, whilst listening to some chilled out music and enjoying a few cold ones.The seniors will be presented with their Senior Championship, League and Conway cup winners medals whilst the Reserves will get their winning championship and league medals.Also the “2012 Player of the Year” awards will be presented to Senior, junior, reserve and ladies footballer of the year. We will also present the “club person” of the year award.We would appreciate if you can make this evening and let us know your availability, as we would be keen to get an idea on numbers.AS many of you now know, it will also be an opportunity to have a final drink with senior and London player Caolan Doyle as he is leaving at the end of August to start a new job in Qutar and we the club would like to wish him well.ABC:The club is hosting the second annual ABC tournament on the weekend of Friday 26th July, Saturday 27th July and Sunday 28th July. Please note we are not organising the tournament as that is being done by the Provisional Council of Britain but as we Tir Chonaill Gaels are the hosts. There will be a lot of work to be done beforehand and all members are kindly asked to help out in whatever way possible to make the event a success.Please contact Maurice or Stocker for more details.Lottery:Lotto results for 04/07/13: Jackpot £1,300Numbers drawn, 7-16-17-21 No jackpot winners.£25 lucky dip winners, Tom O Connor, London Ladies, c/o T O Connor, Maurice Carr, c/o Madame JoJo’s, Denis Boyle, The Bush.Lotto results for 11/07/13 Jackpot £1,350Numbers drawn 1-7-13-22 No Jackpot winners.£25 lucky dip winners, C O’Donnell, c/o British Queen bar, Melon B/P, c/o T O‘Connor,M O’Donnell, c/o British Queen bar, JP O’Donnell, c/o TCG.Next draw takes place on Thursday 18th July in the clubhouse, play online at www.tirchonaillgaels.comGAA NEWS: TIR CHONAILL GAELS OVERCOME FULHAM IN CONWAY CUP was last modified: July 15th, 2013 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:Tir Chonaill Gaelslast_img read more