Yes. It’s accurate. Chicago’s housing market is slow and splotchy. There’s a 77 page or so document on porches that the Dept. of Buildings put out for homeowners. Porches.
Sounds about right... Does your screen name reflect the airport code or is it a zero?
Note fro D.R. Horton’s earnings call this morning:
Horton reported earnings of $.32 per share, compared to expectations of $.49 per share. The miss was driven almost entirely by a ~$50M charge the company took related to the value of its land holdings in Chicago. The asset impairment is a reflection of the land being less than its carrying value on a discounted cash flow basis. In its simplest form, Horton could not build houses and generate positive cash flow on a material amount of land. This impairment charge is the only material charge taken by any of the large builders on land holdings since the housing recovery began.