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2008-06-11

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We heard just now that Comstock Homebuilding Companies, Inc. (comstockhomes.com received a going concern opinion from PricewaterhouseCoopers regarding their 2007 audit. A going concern opinion is an expression that the company being audited is facing adverse market conditions. Per an article on the going concern opinion:

PricewaterhouseCoopers, indicated their belief that declining market conditions and the significant amount of the Company's debt which matures in 2008 creates substantial doubt that the Company would continue operating as a going concern.

This announcement is in compliance with the Nasdaq Rule 4350(b)(1)(B) requiring separate disclosure of receipt of an audit opinion that contains a going concern qualification, and does not reflect any change or amendment to the December 31, 2007 financial statements which were prepared by the Company as if it would continue operating as a going concern. The Company's financial statements were filed with the Securities and Exchange Commission on March 24, 2008 in connection with the Company's Current report on Form 10-K for the year ended December 31, 2007.

The article goes on to note that Comstock's primary markets are Washington, DC, Raleign and Atlanta.

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Important: Ailing Builders haven't shut down, but they've suffered significant valuation declines, temporarily halted redemptions, or faced other major business hurdles. Builders on watch may not even have unusual declines relative to peers, but may be posted if it is felt there may be risk of developing a more serious condition in the near future.