Housing starts and permits rose much more than expected in July, while consumer prices remained tame last month.
Housing starts soar to 2014 peak
Starts rose 15.7% in July to 1.093 million, the highest level since December's 6-1/2-year peak and far better than the 963,000 expected. Permits were also up sharply, to 1.052 million. The closely watched single-family home gauge rose 8.3% to 656,000, reversing a 2-month decline.
Sold today on the bump...still long on SPF that I accumulated during the recent dip. Love the fundamentals of SPF with higher margins, emerging east coast business and land holdings.
Sold a position at 8.30 today that I bought at 7.75. Still long on SPF. Good fundamentals and positioning in the mid to higher priced home segiment makes this a little safer play, I believe. Gotta love this stock.
With the amount of unrest in certain parts of the world that are currently suppliers of oil, we may see an increase in oil and gas exploration, looking for a more stable source of supply. This would be a bonus for IO.
The move to mid to upper priced homes has paid huge dividends in terms of increased margins for SPF. It also allows them to get a bigger return for each parcel of land. Plus we probably haven't seen the positive results of their business on the east coast yet. I would expect positive news for the rest of the year. SPF is less open to the swings in the first time home buyers market and the lower margins that comes with that territory.
I look at the areas where housing is down and most of the areas are ones where SPF does not have a presence. Still looking for good news with the upcoming earnings report. GLTA
And the balance sheet continues to be extremely strong, which would indicate they are not a "flash in the pan" type of company.
Back in today at 7.99. Still encouraged by the upcoming earnings release. Hopefully, we get another pop back above 8.30 for a quick opportunity to sell again. Gotta love this stock!
It's in Queen Creek...just south and east of Mesa. Several builders have opened new developments there, including one that bought the old GM proving grounds and is developing a big parcel there just off Ellsworth Road.
SPF doesn't have a presence in Minnesota where I live, but in AZ where my winter home is, new housing is finally coming back and the number of previously owned homes is inching down little by little. Once that market dries up, we should see another new housing bump in AZ.
Someone must like the news that's coming...prior daily volume had been fairly light and we still have about 34 million shares short. Any steady movement upward and we may see some shorts trying to cover their #$%$.
Out at 8.30 on position I bought at 7.99...isn't this a great country!!! Still holding several positions in the low 8.00's that I will probably hang on to until earnings. unless this baby really starts to move up again.
Looks like we might be in for a little SPF rally in the news from around the world will stay a little positive for a few days. Plus we have an earning announcement coming at the end of the month...should be more good news.
Bought again at 8,05...looking for a bump with the earning release at the end of the month.
Wait until earnings are released at the end of the month...my guess is that we'll see some movement then. SPF is still holding cheap land that it acquired during the housing slump and we're starting to see the benefits of that move in terms of higher margins on their houses, plus they have moved the pricepoint of their houses up so that they're not competing in the entry level homes. Again, higher margins and homes that are less tied to swings in the economy.