The chief executive of homebuilder D.R. Horton pulled no punches in his assessment of the housing market for this year. In somewhat un-CEO like fashion Don Tomnitz told the Citigroup Industrial Manufacturing Conference in New York,
"'07 is going to suck, all 12 months". The entire quote went, "I don't want to be too sophisticated here, but '07 is going to suck, all 12 months of the calendar year.''
The CEO says the company will be missing internal goals for home closings this year. "We may have more impairments coming," Tomnitz said at the conference. "We'll know that on a quarter-by-quarter basis."
The remarks from Horton's CEO fly in the face of those by former Fed chairman Alan Greenspan who told a technology conference earlier in the day across town in New York that housing had bottomed already.
Shares of Horton (DHI) slipped 1-cent to $24.55. Still, as the remarks got wider ciruclation, Wall Street finished well off the highs of the day today.