SOURCE: Paragon Financial Limited
NEW YORK, NY--(Marketwire - Oct 19, 2012) - Homebuilder's have continued to impress investors with gains in 2012 as data supporting the U.S. housing market's recovery continues to pour in. The iShares Dow Jones U.S. Home Construction Index Fund (ITB) and the SPDR S&P Homebuilders ETF (XHB) year-to-date have gained Over 70 percent and 50 percent, respectively. Paragon Report examines the outlook for companies in the Residential Construction Industry and provides equity research on Lennar Corporation (NYSE: LEN) and Toll Brothers Inc. (NYSE: TOL).
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On Wednesday the Commerce Department U.S. home construction hit a 4 year-high of 872,000 after soaring 15 percent in September. Construction permits also saw a double-digit increase jumping 12 percent to an annual rate of 894,000, an increase of 93.4 percent over last year. The increase was the largest yearly gain in nearly 20 years.
"If there was any doubt that the housing market was undergoing a recovery, even a modest one in the face of the terrible 2008 decline, those doubts should be erased by now," wrote Dan Greenhaus, chief global strategist at BTIG LLC.
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Lennar's home building operations include the construction and sale of single-family attached and detached homes, as well as the purchase, development and sale of residential land directly and through unconsolidated entities in which it has investments. Shares of the company have gained over 90 percent year-to-date.
Toll Brothers builds an array of luxury residential communities, principally on land it develops and improves: single-family detached and attached home communities, master planned resort-style golf communities, and urban low-, mid- and high-rise communities. Shares of the company have gained nearly 70 percent year-to-date.
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