by Calculated Risk on 2/03/2007 11:43:00 PM

"I think clearly that '07 will be a challenge for us, and likely – unless there's a dramatic pickup – '08 will be a sub-par year from a return perspective as well. I think it's way too early to say when that will happen."
Stephen Scarborough, CEO of Standard Pacific, Feb 3, 2007

From the OC Register: No housing rebound in '07, CEO says

Standard Pacific Homes CEO Stephen Scarborough said Friday that he doesn't foresee a huge recovery in the national new-home market at least for a year or more.

Scarborough, speaking during the Irvine homebuilder's fourth-quarter earnings conference call, said earnings won't improve significantly through 2008.

It is pretty clear that by every material measure for housing, 2007 will be worse than 2006: prices, sales, residential construction employment, starts, MEW, percentage of homeowner equity, and the number of foreclosures. As Scarorough noted, it is way too early to be looking for a rebound.