SOURCE: Five Star Equities
NEW YORK, NY--(Marketwire - Feb 27, 2013) - The U.S. homebuilders' rally has continued into 2013 as data supporting a recovery in the U.S. housing market keeps rolling in. Shares of home builders were sent surging Tuesday after two separate reports showed improvements in U.S. home prices and sales. Five Star Equities examines the outlook for companies in the Residential Construction Industry and provides equity research on Toll Brothers Inc. (NYSE: TOL) and Standard Pacific Corp. (NYSE: SPF).
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U.S. new home sales reached a 4 and 1/2 year high in January. The Commerce Department on Tuesday reported new-home sales increased 16 percent in January, the largest jump in nearly two decades, to a seasonally adjusted annual rate of 437,000. Additionally the Standard & Poor's/Case-Shiller 20-city home price index, which was also released Tuesday, posted a year-over-year increase of 6.8 percent in December. According to the report home prices nationwide increased 7.3 percent last year.
"Since most people have their wealth tied up in their home, rising home prices make consumers more confident, more credit worthy and more willing to spend acquired income," Dan Greenhaus, chief global strategist at BTIG LLC, stated in an email.
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Shares of Toll Brothers have gained over 50 percent year-to-date. The company reported a net income of $4.4 million for the first quarter of fiscal 2013, compared to a net loss of $2.8 million a year prior. Results were affected by lower homes prices in the quarter. The average price of homes delivered was $569,000, compared to $582,000 in the previous quarter.
Shares of Standard Pacific have gained nearly 90 percent over the past year. The company has operations in metropolitan markets in California, Florida, the Carolinas, Texas, Arizona, Colorado and Nevada. Standard Pacific reported a net income of $531.4 million for the fiscal year 2012, compared to a net loss of $16.4 million in fiscal 2011.
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