| Real Estate: Buyers In Wilderness, As Price Rigging Is Used To Artificially Inflate Apartment Values. Traffic and Sales Figures Remain Anaemic-DLF, Unitech Beware-a slew of downgrades is on the cards Shares of several homebuilders slipped Tuesday as investors absorbed new construction data and an analyst report that offered a mixed outlook for the housing sector. The Commerce Department said residential construction activity rose more in April than it had in nearly a decade. The 2.7 percent gain from March was unexpected and could reflect a more robust recovery taking hold. But a note issued by Ticonderoga Securities homebuilding analyst Stephen East suggested the housing turnaround is slowing now that homebuyer tax credits that stoked sales this spring have expired. East cited research showing homebuilders are seeing fewer prospective buyers and weaker sales orders in the second half of May than in the first two weeks of the month."Traffic and sales levels remain anemic," East wrote. Many experts anticipated a slowdown in orders after the tax credits expired April 30. Last month, luxury builder Toll Brothers Inc. said its May traffic and order trends were holding steady despite the end of the tax credits.Investors will be eager to hear get more details on post-tax credit sales trends from Hovnanian Enterprises Inc. which reports fiscal second-quarter financial results on Wednesday. Lennar Corp led homebuilder stock declines on Tuesday. Lennar slid 61 cents, or 3.5 percent, to $16.69.PulteGroup Inc. shed 33 cents, or about 3 percent, to $10.81; Toll Brothers slipped 65 cents, or 3.1 percent, to $20.42; Hovnanian fell 16 cents, or 2.6 percent, to $6.03; KB Home dipped 34 cents, or 2.4 percent, to $14.14; Beazer Homes USA Inc, shed 8 cents, or 1.6 percent, to $4.89; and D.R. Horton Inc. slid 14 cents, or 1.2 percent, to $12.05. Safe Harbor Statement: Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints. Nothing in this article is, or should be construed as, investment advice. |
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