The year began with a great deal of optimism that the economic recovery would gradually build momentum and that operating fundamentals for commercial real estate would continue to improve. Much has changed, however.
Housing starts fell 0.3 percent to a 628,000-unit pace in October from a downwardly revised 630,000-unit pace in September. The decline was concentrated in multifamily. Building permits rose 10.9 percent.
The consensus on Beazer's 4Q financials appears to be that downside markers need to stay in place because, although they've been masterful at restructuring its debt and shedding financial and legal encumbrances that could have knocked it for a loop.