“The reading was a bit soft but much better than what we saw earlier in the year, indicating that housing starts continue to be relatively strong,” says Leong.
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New York, NY (PRWEB) September 13, 2012
According to George Leong, contributor to Profit Confidential, the housing market is clearly on the upside, with stronger housing starts and building permits. Leong reports that there were 746,000 housing starts in July.
“The reading was a bit soft but much better than what we saw earlier in the year, indicating that housing starts continue to be relatively strong,” says Leong. “The building permits reading of 812,000 in July was impressive, well above the 770,000 estimate and the revised 760,000 in June.”
In the article “U.S. Housing Market on Much Better Footing,” Leong notes that this strong reading indicates builders are expecting a good flow of buying in the housing market.
“Moreover, home prices, representing another key piece of the housing market, are edging higher,” Leong points out.
Leong highlights that the S&P/Case-Shiller index, comprised of the 20 largest U.S. metropolitan cities, increased a better-than-expected 0.9% in June, representing the fifth straight month of increases.
Leong also points out that the marked improvement in the housing market is also showing up in the results of numerous homebuilder stocks.
He reports that “Toll Brothers blew away the consensus earnings estimates in its fiscal third quarter after reporting $0.36 per diluted share, double the estimate of $0.18 per diluted share.”
In the article, Leong does note that there are still some concerns towards the housing market; however, he expects housing to continue to improve, especially if the jobs market can get going.
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