Homebuilder Stocks Get a Boost on Strong Housing Starts Data
Trading Snapshot for BZH, KBH
Category: Investment, Homebuilder
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Visit: Beazer Homes USA Inc.
New York, New York - October 17, 2012 (www.investorideas.com newswire, www.homebuilderstocks.com) Investorideas.com staff: Investorideas.com, an investor research portal specializing in sector research including homebuilder stocks, issues an alert following positive data on housing starts and permits.
NAHB (http://www.nahb.org ) reported nationwide production and permitting of new homes rose sharply in September to their highest levels in more than four years, according to newly released figures from HUD and the U.S. Census Bureau. A 15 percent gain brought the pace of new housing construction to a seasonally adjusted annual rate of 872,000 units, while an 11.6 percent gain brought the pace of permit issuance to 894,000 units. These were the strongest numbers seen in both categories since July of 2008.
"Builders are responding to the rising demand for new homes as consumers begin to feel more confident about their local markets and put back into motion purchasing plans that were on hold during the recession," said Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. "Yet, while September’s surge in activity is certainly encouraging, we need to remember that we still have a long way to go back to a fully functioning market -- and in order to get there, significant challenges must still be addressed in terms of credit availability and appraisal issues, as well as the increasing cost of building homes due to rising materials prices and a declining inventory of buildable lots."
Beazer Homes USA Inc. (NYSE:BZH) is trading at $18.06, up 0.89 or 5.18% as of 1:35PM EDT on over 1.7 Million shares.
KB Home (NYSE:KBH) is trading up at $16.57, gaining 1.15 or 7.46% 1:40PM EDT on over 8.9 Million shares.
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