SOURCE: Paragon Financial Limited

Paragon Financial Limited

August 20, 2012 08:20 ET

KB Home and Lennar Continues Rally in 2012 as Residential Construction Permits Rises to 4-Year High in July

The Paragon Report Provides Stock Research on KB Home and Lennar

NEW YORK, NY--(Marketwire - Aug 20, 2012) - A steady flow of positive data has shown that the U.S. housing market is on the steady road to recovery, and U.S. home builders have taken advantage. Homebuilders surged last Thursday after the Commerce Department reported that applications for residential construction permits in July rose to their highest levels in nearly four years. The Paragon Report examines investing opportunities in the Residential Construction Industry and provides equity research on KB Home (NYSE: KBH) and Lennar Corporation (NYSE: LEN).

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Data from the Commerce Department showed that applications in July reached an 812,000 annual rate, the highest level since August 2008. According to analysts surveyed by Bloomberg permits were projected to be at a 769,000 annual rate. The construction of single-family homes and apartments, after reaching the fastest pace in June since October 2008, fell 1.1 percent in July.

"We remain constructive on a prolonged multi-year recovery in housing starts and sales, but we continue to believe that homebuilder stocks, on average, are not discounting in the number of years it may take to return to mid-cycle starts and sales," said Will Randow, a Citi analyst.

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KB Home is one of the largest and most recognized homebuilding companies in the United States. Since its founding in 1957, the company has built more than half a million quality homes. KB Home's signature Built to Order approach lets each buyer customize their new home from lot location to floor plan and design features. Shares of the company have soared over 64 percent in 2012.

Lennar, founded in 1954, is headquartered in Miami, Florida and is one of the nation's leading builders of quality homes for all generations. Lennar builds affordable, move-up and retirement homes in Communities that cater to almost any lifestyle -- such as urban, golf course, active adult or suburban communities. Shares of the company are up over 66 percent year-to-date.

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