Homebuilders on the Rise as Home Prices in January Post Largest Gain Since June 2006
RDInvesting Provides Stock Research on Hovnanian Enterprises and Standard Pacific
NEW YORK, NY -- (Marketwire) -- 03/28/13 -- U.S. home builders' impressive run has continued in 2013 as positive data supporting the U.S. housing markets recovery continues to roll in. The SPDR S&P Homebuilders ETF (XHB) has surged approximately 13.25 percent so far in 2013. Research Driven Investing examines investing opportunities in the Residential Construction Industry and provides equity research on Hovnanian Enterprises, Inc. (NYSE: HOV) and Standard Pacific Corp. (NYSE: SPF).
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Home prices in the U.S. posted their largest gain in January since June 2006, just prior to the "housing bubble burst." The Standard & Poor's/Case-Shiller 20-city home price index rose 8.1 year-over-year in January, up from the 6.8 percent seen in December. All of the cities tracked by the index saw prices rise, while 8 out of the 20 posted double digit-gains.
Separately, a report released by the Commerce Department earlier this month showed permits for future construction were at a 4 and a half year high. Home builders in the U.S. started construction on houses and apartments at a seasonally adjusted annual rate of 917,000 in February, the second-largest pace seen since June 2008.
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Shares of Hovnanian Enterprises have more than doubled in the past year. The company reported total revenues of $358.2 for the first quarter of fiscal 2013, an increase of 32.9 percent when compared to revenues of $269.6 million in the year ago quarter. During the first quarter Hovnanian delivered a total of 1,188 homes.
Shares of Standard Pacific are up approximately 20 percent in 2013, and have doubled in the past year. The company announced that it will release results for the first quarter of 2013 on Thursday, May 2nd. For the fourth quarter of 2012, Standard Pacific reported revenues of $377.7 million, a year-over-year increase of 29 percent.
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