The Real Deal Miami

WCI posts 7th quarterly loss

July 30, 2008 12:15PM

Florida home builder WCI Communities notched its seventh straight quarterly loss. The stock has dropped 87 percent in the last year. It lost $2.38 a share in the second quarter, increasing from a loss of 79 cents a share in the year-ago quarter, thanks to lower home sales in state, which is its largest market. Bonita Springs-based WCI said its lenders are obtaining appraisals on the company’s properties and some of the appraisals are lower than the book value, which will limit the company’s ability to borrow and may trigger repayments of loans.