SOURCE: Five Star Equities
NEW YORK, NY--(Marketwire - Oct 4, 2012) - Home builders have continued to outpaced the broader markets in 2012 as record low mortgage rates have boosted demand for new homes. The Standard and Poor's Supercomposite Homebuilding Index has gained roughly 75 percent this year, while the S&P 500 Index has gained 15 percent over the same period. Five Star Equities examines the outlook for companies 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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Low borrowing costs and a decline in the supply of foreclosed homes have combined to provide a favorable environment for homebuilders in 2012. While new home sales fell slightly in August, 0.3 percent to an annual rate of 373,000, they still are roughly 30 percent higher than a year ago.
"Builders are a little more optimistic about future sales and buyer traffic and the mortgage environment is favorable," said Anika Khan, an economist at Wells Fargo Securities LLC. "New homes sales will continue to improve over the next few months and in the coming year."
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Hovnanian Enterprises is one of the nation's largest homebuilders with operations in 17 states across the U.S. The company reported net income was $34.7 million during the fiscal 2012 third quarter, or $0.25 per common share, compared with a net loss of $50.9 million, or $0.47 per common share, in last year's third quarter.
Standard Pacific, one of the nation's largest homebuilders, has built more than 115,000 homes during its 47-year history. The company recently reported it will release its 2012 third quarter results after market close on Thursday, October 25, 2012. Shares of Standard Pacific have gained more than 125 percent year-to-date.
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