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Home Builders May Miss Out On Blossoming Recovery
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Sales are picking up, but earnings power won't pick up without price gains.
Factory orders are rising, consumers are spending more money, and pending home sales rose 5.3% in March, reinforcing the notion that the economic recovery is real. Even so, the data couldn't calm the market's worry that home prices aren't going to rise, as home builders saw their shares tumble.
On Tuesday the Commerce Department reported orders to U.S. factories jumped 1.3% in March, surprising Wall Street which had forecast a drop of 0.1%. What's more, orders rose 3.1% when the temperamental transportation sector is excluded. The report comes as MasterCard announced a 24% jump in earnings thanks to heightened consumer spending. Furthermore, Wall Street learned Monday that consumer spending rose by 0.6% in March. (See "Wallets Open Across America.")
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Home Builders Lobby At Capitol For Reforms
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Home builders in Connecticut don't have much to celebrate these days.
New permits for single-family houses, condominiums and apartment units hit their lowest level in at least 30 years in 2009 and, so far, this year is off to a slow start. Developers have laid off employees and subcontractors are seeing a lot less work coming their way.
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Home Builders Mostly Lower on Case-Shiller Prices
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Markets are offering up modest gains this morning as the Case Shiller Home Price Index’s composite reading of the 10 major metropolitan areas showed prices flat, year over year, compared to an expected decline of 3%.
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Carey collapse hurts home builders, creditors
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A building company in Alice Springs that went into liquidation at the start of March has left a dozen homes unfinished and many contractors with outstanding bills.
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Rantin: Home Builders put skills to good cause
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The objective was clear: produce an educational tool to help area residents weatherize their homes and make them more energy efficient.
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