Some truly apocalyptic comments from Don Tomnitz, CEO of homebuilder D.R. Horton, at the Credit Suisse Homebuilders Symposium today. He is expecting 2007 to be worse than 2006, and maybe stabilization by 2008:
"We have never seen housing prices and demand slow as quickly as they have during this downcycle," said the CEO of the nation's largest home builder when measured by 2005 deliveries. "Demand has evaporated to the extent of about 20% to 30% for the industry, and in a tighter timeframe than we've seen before."
