No joy in TOUSA-ville

Looks like rose-colored glasses are in short supply in the housing industry these days. Get a load of what TOUSA Inc., a regional builder with operations in Florida, Texas and a couple other markets, had to say about the state of the housing market this afternoon ...

"Conditions in all of our markets weakened more than we anticipated due to a number of factors including: recent severe liquidity challenges in the credit and mortgage markets, diminished consumer confidence, increased home inventories and foreclosures, and downward pressure on home prices. All of these factors have contributed to lower gross sales and higher cancellation rates,'' said Antonio B. Mon, President and Chief Executive Officer of TOUSA. "We remain focused on executing our asset management initiatives, generating cash, paying down debt, and evaluating all opportunities to de-lever the balance sheet to correctly position TOUSA for the current challenging housing market."

Ouch.