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Politics : High Tolerance Plasticity -- Ignore unavailable to you. Want to Upgrade?

To: chowder who wrote (10232)	11/4/2001 7:12:50 PM
From: kodiak_bull	Read Replies (3) \| Respond to of 23153

Dabum: You know, this ratcheting down of the rates is very worrisome. During the great boom of the 90s, we already had consumer debt and corporate debt at unbelievable levels, and mortgage defaults are now higher than at any time since 1982 (if I'm remembering correctly). The last time we had a huge liquidity infusion was for the Y2K debacle, which then led to our final runup in the markets and you know all the rest. I never met a silly question I wouldn't ask. If we no longer have a 30 year bond, how will the markets set a fixed, 30 year rate? Since the longest dated government securities the Fed can buy from banks when it wishes the Fed funds rate to fall are now 10 year, what does that mean? Well, it's all very mysterious to me, but many things are. For your reading pleasure, here's a little cold water on the home building industry. Kb M.D.C. Holdings Reports October Home Orders DENVER, Nov. 2 /PRNewswire/ -- M.D.C. Holdings, Inc. (NYSE: MDC; PCX) (www.RichmondAmerican.com) today announced that it received 462 home orders in October 2001. The Company remains on pace to meet its objective of closing over 8,000 homes and establishing new records for revenues and earnings in 2001. The last paragraph of this release describes factors that may impact the Company's estimate of 2001 closings, revenues and earnings. October 2001 2000 Orders for Homes, net Colorado 176 195 California 96 135 Arizona 119 109 Nevada 38 52 Northern Virginia/Suburban Maryland 33 62 Total 462 553 MDC, whose subsidiaries build homes under the name "Richmond American Homes," is one of the largest homebuilders in the United States. The Company's wholly owned subsidiary HomeAmerican Mortgage Corporation provides mortgage financing primarily for MDC's home buyers. MDC is a major regional homebuilder with a significant presence in some of the country's best housing markets. Richmond American Homes is the largest homebuilder in Colorado; among the top five homebuilders in northern Virginia, Phoenix and Tucson; and among the top ten homebuilders in suburban Maryland, Las Vegas, Southern California and Northern California.