Lennar Narrows Fourth Quarter Loss
Miami, FL, Dec. 18, 2008--Home builder Lennar reported a smaller fourth-quarter loss, helped by smaller charges to write down land values.
Today's Flooring News
Keep up to date with the most recent news in the flooring industry. Today's News...As it happens! We update this news several times a day so you can stay connected.
Tennant Cuts Jobs, Projects Lower Earnings
Minneapolis, MN, Dec. 18, 2008--Tennant Co. said Wednesday it will cut 8 percent of its work force, to reduce expenses in the face of "an unprecedented economic period."
Hovnanian Posts Large Quarterly Loss
Red Bank, NJ, Dec. 17, 2008--Home builder Hovnanian Enterprises posted a quarterly loss on Tuesday.
AIA Billings Index Falls to Record Low
Washington, DC, Dec. 17, 2008--The Architectural Billings Index, a forward- looking gauge of U.S. nonresidential construction activity fell again last month to its lowest in its 13-year history.
Mortgage Refinancing Continues at High Pace
Washington, DC, Dec. 17, 2008--Applications to refinance existing mortgages increased 2.9% increased last week compared to the prior week as interest rates remained low.
Fed Slashes Interest Rate To Record Low
Washington, DC, Dec. 16, 2008--The Federal Reserve slashed the target for a key interest rate to the lowest level on record and pledged to use "all available tools" to combat a severe financial crisis and prolonged recession.
Trans Ceramica Names Chicago Sales Manager
Chicago, IL, Dec. 17, 2008--Chicago-based Trans Ceramica has named Eugenio Megna to manage its Chicago sales team.
Leggett & Platt Lowers Guidance Again
Carthage, MO, Dec. 17, 2008--Leggett & Platt Inc. again lowered its year outlook Tuesday, reflecting "extremely low market demand."
Housing Starts, Permits, Fall to Record Lows
Washington, DC, Dec. 16, 2008--New housing starts and permits plunged to record lows in November, the Commerce Department reported on Tuesday.
Home Builders Cry For Federal Help as Index Falls
Washington, DC, Dec. 15, 2008--Home builder confidence remained at record lows in December as deepening economic turmoil, a deteriorating job market, and an ongoing flow of foreclosed homes onto the market continued slow sales.