Shadow Hills Starts Next Phase Of Building. Palm Springs, California: “Though the economy has forced many developers to halt their plans, Pulte Homes (NYSE:PHM) on Wednesday moved forward with the third phase of its Sun City Shadow Hills project. The project will add 947 homes, a new clubhouse and an 18-hole executive golf course to the 55- and-older retirement community in north Indio… Since January, the development has closed escrow on 131 new homes - 50 last month alone.” (Desert Sun, July 13th)
Hillwood Residential / Alliance. “Some of north Texas’ most highly respected builders make up the builder portfolio at the Heritage community: D.R. Horton Homes (NYSE:DHI), First Texas Homes, Highland Homes, K.Hovnanian Homes (NYSE:HOV), Plantation Homes, Standard Pacific Homes (SPF), Toll Brothers (NYSE:TOL) and William Ryan Homes showcase beautifully designed homes from the $160s to the $500s.” (Star Telegram, July 13th)
National builder Lennar plans 250 houses, swimming pool, cabana at new Wentworth Hall. North Carolina: “Lennar community Wentworth Hall, expected to have 250 houses when built out, already is being discovered even though the model home was just constructed and amenities aren't arriving until later. "We've only been here two weeks, yet we have a lot of traffic," says Debra Cantey, new home consultant for Lennar (NYSE:LEN)… Homes in the neighborhood are priced from $244,990-$319,990. The sizes are between 2,451-sf and 3,566-sf… At an unspecified time, Lennar plans to build community attractions, including a swimming pool and cabana.” (Charleston Post & Courier, July 12th)
Toll Brothers Builds Homes In Litchfield Park. Arizona: Luxury builder Toll Brothers opened the first model homes… at the Wigwam Resort and Golf Club and plans to put up 343 homes in the next few years. Buyers can… request custom options, such as granite countertops and expanded closets, for a premium. Baseline prices range from the mid-$400,000s-upper-$500,000s… Linda Rossi, marketing director for Toll Brothers, said the company typically targets buyers in their 50s or older - empty nesters who can afford to move up into the high-end housing market. But "we're getting buyers in their 40s, 30s and even their 20s." (Arizona Republic, July 12th)
W. Deptford To Release Development Bonds. West Deptford, NJ: “Five performance bonds [altogether worth $1 million,] associated with the Grande at Kings Woods, a development that has recently embroiled the township in conflict, will be released by the township committee. The township committee previously denied requests to release the bonds citing various construction deficiencies and a depleted escrow account. D. R. Horton, the developer, filed suit May 8 against the township in state Superior Court seeking, among other things, that the bonds be released and the court award damages. The suit alleges the township acted outside its authority… when it made the decision to withhold the release of the bonds.” (NJ.com, July 12th)
NVR, Inc.: A Housing Stock? Now? When the cycle turns again, homebuilder NVR, Inc. (NYSE:NVR) will be one of the first to benefit because its market niche is first-time buyers as well as first-time move up buyers, the segment of the population that keeps growing… While many of them are renting, the large majority would like to own a home… [Sales, orders and backlog are down but] Cash flow continues strong enough for the company to buy back its stock… Return on Equity stands out at 24% (for the trailing twelve months) The trailing P/E is 10.2 and the forward P/E is 8. Price to sales is .55. Book Value is $232. There is no dividend. The price range for the stock in the last 52 weeks has been $398.96-$728.45.” (Ted Allrich in Seeking Alpha, July 11th)
D.R. Horton Faces Mold Lawsuits. Charleston S.C. “About a month ago a Daniel Island family’s home was attacked by mold, essentially running them out of their home. [Now] several other families recently talked about having mold problems with their D.R. Horton-built homes, as well. And today it's being reported that three Daniel Island homeowners have filed lawsuits against the home builder, as well as one from Moncks Corner. To boot, a fourth Daniel Island lawsuit is in the works.” (The Digitel, July 11th)
KB Home (NYSE:KBH) NewsBite - KB Home Falls on Economy Concerns. “KBH has been mobbing downwards for the past year. KB Home shares have been falling along with the broader market as oil prices spiked to a new record above $147 a barrel, stirring new worries about inflations and consumer who may cut back their spending, adding more pressure on the weak economy. Technical indicators for the stock are bearish and steady while S&P gives KBH a negative 2 STARS (out of 5) sell rating. If you’re looking for a hedged play on this stock, consider an October bear-call credit spread above the $22.50 range. KBH stock could rise up to 49.5% before expiration and this position would still be profitable.” (Market Intelligence Center, July 11th)
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