by Calculated Risk on 1/16/2007 11:27:00 AM

"We are navigating through one of the most challenging housing environments in the past 25 years. We are responding by reducing our land position and inventory, aligning our workforce to the current sales pace and improving our overall cost structure."
Centex Chairman and Chief Executive Tim Eller, Jan 16, 2007

From MarketWatch: Centex, KB Home write off $793 million on value of land holdings, options

Centex said it will record land-valuation adjustments of about $300 million because of the declining housing market. It also has decided not to exercise land-option contracts on 37,000 lots, resulting in walk-away costs of about $150 million.
...
Centex added closings for the quarter dropped fell 12% to 8,360, and net orders slumped 24% to 6,139.

As for KB Home, it said ... that it will take an inventory-impairment charge of $255 million and an $88 million charge from the abandonment of some land-option contracts.