NEW YORK, NY--(Marketwire -06/29/12)- The U.S. housing market continues to show signs of a long awaited recovery. On Wednesday shares of home builders rallied as Lennar's earnings beat analysts' estimates, and pending home sales in the U.S. rose. "Evidence from the field suggests that the 'for sale' housing market has, in fact, bottomed and that we have commenced a slow and steady recovery process," Lennar CEO Stuart Miller said in the company's earnings release. Five Star Equities examines the outlook for companies in the Residential Construction Industry and provides equity research on KB Home (KBH) and Toll Brothers Inc. (TOL).
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The index of pending home sales surged in May surged 5.9 percent to 101.1, the highest level in two years, according to data from the National Association of Realtors. A report from the U.S. Commerce Department earlier this week showed that sales of new single-family homes jumped 7.6 percent in May, also a two-year high. New home sales rose to an annual rate of 369,000 last month from 343,000. According to analysts surveyed by MarketWatch sales were expected to be at an annual rate of 348,000.
"This improvement adds to the recent flow of good news on the housing sector, reinforcing our view that this beleaguered sector is finally on the mend," Millan Mulraine, a senior U.S. strategist at TD Securities, said in an email to clients.
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KB Home is one of the largest and most recognized homebuilding companies in the United States. Since its founding in 1957, the company has built more than half a million quality homes. The company recently announced that it has acquired 174 finished home sites from the Irvine Company Community Development. Shares of KB Home are up over 28 percent year-to-date.
Toll Brothers, the nation's leading builder of luxury homes, and Shea Baker Ranch LLC, recently announced a partnership to develop Baker Ranch, a master-planned community approved for over 2,000 new homes in Lake Forest, CA, one of south Orange County's most desirable markets. Shares of the company are up nearly 37 percent year-to-date.
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