Additionally, the company wrote down the value of certain option deposits and pre-acquisition costs, and certain land parcels, to align the company’s land position to current conditions in markets such as Washington D.C., Sacramento, and San Diego.
Did they walk away from option deposits in San Diego? If so, where?
I thought they record the land at book value. At least that’s what someone wrote earlier on the forums. If they purchased in the last couple years, and the land is worth less today, do they have to write that off? Centex is doing worse than the others, judging by their huge discounts. So they are not exercising their land options and walking away from new projects?
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