DAYTONA BEACH, Fla. – April is shaping up to be the best month for ICI Homes sales in the last three years, Mori Hosseini, chairman and CEO of the homebuilding company told the national audience on CNBC’s daily TV show Mad Money hosted by Jim Cramer earlier this week.
Cramer has been insisting that the hard data supports his conclusion that the housing market will bottom out in June of this year despite continued media commentary to the contrary. So he decided to reach out to one of the nation’s hardest hit markets – Florida, and to one of the nation’s largest privately-held homebuilders to get his perspective. Hosseini and Cramer discussed the state of the industry.
"Prices of homes stopped dropping in February and the velocity of sales picked up dramatically,” Hosseini said. “We are cautiously optimistic that we are coming out of the downturn and the worst is behind us.”
Hosseini has good reason to be optimistic. Traffic to the ICI sales centers has spiked in recent weeks, he said.
“There is demand out there because we cut our prices to their lowest levels in many years. Savvy buyers recognize tremendous value when they see it, so they’re finally getting off the fence, taking advantage of historically low interest rates and getting back into the market…and that’s good news for us.”
When asked why he thought the media was under reporting this shift in activity, Hosseini explained to Cramer and his audience that the media has always been a lagging indicator in any building recovery and it may be six to seven months into the rise of activity before the media starts reporting positive news.
Cramer closed the segment lauding Hosseini’s positive comments which he strongly indicated supports his theory that the housing bottom is nearing.
For more information, contact:
Lisa A. Egle, Marketing Manager ICI Homes-Daytona Beach, 386-236-4273
Rosemary Messina, VP Sales & Marketing ICI Homes, 386-236-4231
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142
About ICI Homes
ICI homes, ranks among the top 100 Builders by Builder magazine and is one of the largest privately owned homebuilder in the US. The 30-year-old firm builds new homes and resort facilities in the Volusia-Flagler region as well as Northeast Florida, Orlando and Tampa.
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