UBS Lifts Builder Hovnanian To Neutral On 'Overdone' Pullback. Analysts at UBS kept a cautious tone on beaten-down shares of Hovnanian Enterprises Inc. even though they removed the stock from their sell list [to neutral], citing valuation after a recent decline during which it fell heavier than the home-builder group… UBS analysts David Goldberg and Susan Maklari: Since topping out in late April, Hovnanian (NYSE:HOV) shares have lost 45%, a steeper drop than the 30% decline seen for the builder group… The stock now trades at a discount relative to peer average based on book value… Hovnanian "continues to face significant liquidity constraints, reflecting its greater leverage relative to peers." (DJ via CNN Money, June 17th)
Standard Pacific Reports 12% Drop in Orders. “Standard Pacific (SPF): Net new home orders for the first two months of FQ2 were down 12% from FQ2’07, with a cancellation rate of 25%, down 3 percentage points from last year and up a point from Q1’08. Taking into account the number of active selling communities, a so-called "same-store" comparison, orders were down 18%, but on that same basis, orders were up "slightly" in
Fitch Affirms 20 & Downgrades 9 Classes from 4 Centex Subprime Transactions. “Fitch Ratings has taken… ratings actions on Centex (CTX-OLD) Home Equity Loan Trust mortgage pass-through certificates.” (Trading Markets, June 17th)
Laing Launches Custom Home Division. “At a time when many home builders are looking at affordable housing as a way to succeed in today's challenged market, John Laing Homes is moving in the opposite direction. Company management announced today that it will add a bolt-on operation to its luxury division by launching a custom-residence program. The new business, called Custom Residences, will fall within the realm of the company's Laing Luxury division.” (Big Builder Online, June 17th)
Buyers Invited to "Summer Savings Days".
Hot Summer Savings Weekend at Pulte Homes.
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