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2011-12-31 08:54:09
Positive Market Report Sends Housing Stocks Soarin

Daily Real Estate News 

Good news spread Thursday for home builders, home improvement companies, and mortgage lenders, as stocks ticked up after the National Association of REALTORS® released a new report showing that pending home sales in November reached their highest level in a year-and-a-half. 

Pending home sales — a gauge for the future of the market — increased 7.3 percent in November to a reading of 100.1, NAR reported in its index. (A reading of 100 is considered healthy for the real estate market.) 

Analysts are predicting that 2012 will mark a turnaround for the real estate market, after years of a drastic slowdown in activity. 

Stocks inched up on Thursday for several home builders. For example, Hovnanian Enterprises Inc., saw the biggest rise in shares following Thursday’s report, with shares increasing 9 cents, or nearly 7 percent, to trade at $1.39. Also, homebuilders D.R. Horton Inc. saw shares rise 45 cents, or 3.7 percent, to $12.65; Lennar Corp. added 77 cents, or 4.1 percent, to $19.75; and PulteGroup Inc. gained 28 cents, or 4.8 percent, to $6.24, the Associated Press reported. 

Also, mortgage companies also saw an increase to their stocks. For example, Bank of America shares increased 11 cents, or 2.1 percent, to $5.40 on Thursday while Huntington increased 16 cents, or 2.8 percent, to $5.63; and Wells Fargo shares jumped 55 cents, or 2 percent, to $27.66.

Source: “Housing Stocks Up on Pending Sales Report,” Associated Press (Dec. 29, 2011)

 Provided By,

Doug Spiers / Principal Broker / 801-726-7173

Amy Ann Spiers / Realtor / 801-726-5138

 

Elite Choice Real Estate

1436 South Legend Hills Drive Suite 311

Clearfield, Utah 84015

 

'The highest compliment we can receive is the referral of your friends, family and business associates. Thank you for your trust and confidence.'

 
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