NEW YORK, NY--(Marketwire -06/08/12)- Homebuilder stocks across the board jumped early Wednesday after Hovnanian Enterprises reported strong earnings, acknowledging improving conditions in the industry. The iShares Dow Jones US Home Const. ETF (ITB) jumped 3.81 percent Wednesday. "It looks like we're getting a real turn in the housing sector," said Michael Strauss, chief economist and chief investment strategist at Commonfund. The Paragon Report examines investing opportunities in the Residential Construction Industry and provides equity research on Hovnanian Enterprises, Inc. (HOV) and Standard Pacific Corp. (SPF).
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Hovnanian Enterprises reported an unexpected profit for its fiscal second quarter, breaking a streak of eight consecutive quarters of losses. "The sales improvements we have experienced are fairly wide-based in terms of geography, price points and buyer profiles," Ara Hovnanian, Hovnanian CEO, said in a recent statement. "As evidenced by our four consecutive quarters of year-over-year net contract growth for the first time since 2006, we are encouraged that the home-building industry may be entering the early stages of a recovery," added Mr. Hovnanian.
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Hovnanian Enterprises reported net income was $1.8 million during the second quarter, compared with an after-tax net loss of $72.7 million, during the second quarter of 2011. For the six months ended April 30, 2012, the after-tax net loss was $16.5 million, or $0.15 per common share, compared with an after-tax net loss of $136.8 million, or $1.49 per common share, during the same period a year ago
Standard Pacific Homes primarily focuses on building family oriented communities in many of the nation's largest housing markets including California, Florida, Arizona, North Carolina, South Carolina, Texas and Colorado. The company reported net income for the first quarter of 2012 was $8.5 million, compared to a net loss of $14.8 million for the year earlier period.
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