SOURCE: Paragon Financial Limited

Paragon Financial Limited

October 31, 2012 08:20 ET

Positive Housing Data Continues to Roll In - U.S. Housing Market Shows No Sign of Slowing

Five Star Equities Provides Stock Research on PulteGroup and Standard Pacific

NEW YORK, NY--(Marketwire - Oct 31, 2012) - Homebuilders 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. Five Star Equities examines the outlook for companies in the Residential Construction Industry and provides equity research on PulteGroup, Inc. (NYSE: PHM) and Standard Pacific Corp. (NYSE: SPF).

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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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PulteGroup is one of America's largest homebuilding companies with operations in approximately 60 markets throughout the country. The company reported revenue from home sales in the third quarter increased 12 percent from the prior year to $1.2 billion. The increase was driven by a 6 percent increase in average selling price to $279,000, combined with a 5 percent increase in closings.

Standard Pacific operates in many of the largest housing markets in the country with operations in major metropolitan areas in California, Florida, Arizona, the Carolinas, Texas and Colorado. Revenues from home sales in the third quarter increased 31 percent to $317.4 million from $241.4 million in the prior year period.

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