Friday, April 15, 2011 11:48:44 AM
Fitch: U.S. Housing Recovery May Start To Pick Up by 3Q'11
NEW YORK, Apr 15, 2011 (BUSINESS WIRE) -- Link to Fitch Ratings' Report: U.S.
Homebuilding/Construction: The Chalk Line -- Quarterly Update: Spring 2011
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=612825
(http://www.fitchratings.com/creditdesk/reports/report%5fframe.cfm?rpt%5fid=612825)
Recent U.S. housing statistics have been weak and disappointing thus far as
expected, but the sector may be in for a spot of good news in the coming months,
according to Fitch Ratings in the latest edition of the 'Chalk Line'.
Most public builders will be unprofitable in the first quarter (excluding
non-cash real estate charges) with revenues trailing a year ago. That being said,
there has been a notable uptick in traffic from much of the first quarter. New
home orders have seen some slight seasonal pickup across most regional markets.
What may also work in the sector's favor is the easing of builder order
comparisons, which are challenging during the first four to five months of the
calendar year before beginning to subside. 'If the economy continues its advance
and a moderate number of jobs are added, housing metrics should, for the most
part, rise at a single-digit pace this year,' said Fitch Managing Director and
lead homebuilding analyst Bob Curran.
Nonetheless, the future state of U.S. housing remains highly dependent on the
health of the broader economy. So conversely, 'if the broader economy begins to
retreat from what gains it has made thus far, U.S. housing is in essence right
back where it started about a year ago,' said Curran.
Fitch will provide a brief recap of fourth quarter-2010 (4Q'10) as well as
discuss the outlook for the balance of 2011 during a teleconference to be held on
Monday, April 18, 2011 at 10:00 a.m. ET (separate press release to follow).
The Fitch report, 'U.S. Homebuilding: The Chalk Line - Quarterly Update: Spring
2011' was published April 15, 2011 and includes the following key updates and new
features:
--Homebuilders' quarterly growth trends and margin statistics for the fourth
quarter of 2010, excluding the impact of non-recurring, non-cash real estate
charges, are provided as is information about the calendar fourth quarter and
fiscal year-to-date option write-offs and land value write-downs;
--Liquidity analyses are updated and historical liquidity profiles are presented
for perspective;
-- Recovery ratings are detailed for five single B or lower rated homebuilding
credits;
--Corporate governance profiles are supplied for each of the 13 companies
monitored. ;
--The positive implications of future reversals of deferred tax asset valuation
allowances are discussed;
--The Dodd-Frank issues relating to 'qualified' residential mortgages are
reviewed;
--The Obama administration's housing reform proposals are presented, as are the
proposals and counterproposals regarding servicers and foreclosures;
--Various foreclosure statistics and related data are updated and a summary of
historical foreclosure filings is presented;
--There are also new comments on home pricing, Fannie Mae/Freddie Mac, the FHA,
tightening credit standards, price reductions for home listings and Chinese
drywall;
--Fitch's economic and construction forecasts for 2011 have been updated.
Additional information is available at 'http://www.fitchratings.com'
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE 'http://WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT,
CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER
RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT'
SECTION OF THIS SITE.
SOURCE: Fitch Ratings
Fitch Ratings
Robert P. Curran
Managing Director
+1-212-908-0515
Fitch Inc., 1 State Street Plaza, New York, NY 10004
or
Robert Rulla
Director
+1-312-606-2311
or
Media Relations
Brian Bertsch
+1-212-908-0549
brian.bertsch@fitchratings.com
Copyright Business Wire 2011
Recent KBH News
- KB Home Announces a Rare Opportunity to Own a New Townhome in a Prime Long Beach, California Location Close to Popular Beaches • Business Wire • 09/13/2024 12:00:00 PM
- KB Home to Release 2024 Third Quarter Earnings on September 24, 2024 • Business Wire • 09/10/2024 08:10:00 PM
- KB Home Announces the Grand Opening of Its Newest Community at Farmlore, a Premier New Master Plan in Brighton, Colorado • Business Wire • 08/30/2024 12:00:00 PM
- KB Home Announces the Grand Opening of Its Newest Community in Popular Georgetown, Texas • Business Wire • 08/28/2024 12:00:00 PM
- Form 15-12G - Securities registration termination [Section 12(g)] • Edgar (US Regulatory) • 08/19/2024 08:51:02 PM
- KB Home Announces the Grand Opening of Its Newest Community in Riverside, California • Business Wire • 08/16/2024 12:00:00 PM
- KB Home Announces the Grand Opening of Its Newest Community Within the Desirable Crossroads West Master Plan in Riverbank, California • Business Wire • 08/16/2024 12:00:00 PM
- KB Home Announces the Grand Opening of Its Newest Community Within the Desirable Villa Ticino Master Plan in Manteca, California • Business Wire • 08/09/2024 12:00:00 PM
- KB Home Announces the Grand Opening of Its Newest Community in Graham, North Carolina • Business Wire • 08/09/2024 12:00:00 PM
- Form 25-NSE - Notification filed by national security exchange to report the removal from listing and registration of matured, redeemed or retired securities • Edgar (US Regulatory) • 08/08/2024 06:56:02 PM
- KB Home Named One of America’s Best Midsize Companies by TIME Magazine, Earning a Place in the Top 15% of All Companies Listed • Business Wire • 08/07/2024 12:00:00 PM
- KB Home Announces the Grand Opening of Its Newest Community in Manor, Texas • Business Wire • 08/06/2024 12:00:00 PM
- KB Home Sets New Industry Record by Earning an Unprecedented 30 ENERGY STAR Market Leader Awards • Business Wire • 07/29/2024 12:00:00 PM
- KB Home Announces the Grand Opening of Its Newest Community in Raleigh • Business Wire • 07/25/2024 12:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/19/2024 08:33:05 PM
- KB Home Declares Third Quarter 2024 Dividend • Business Wire • 07/18/2024 08:10:00 PM
- KB Home Announces the Grand Opening of Its Newest Community at Desert Passage, a Highly Desirable Master Plan in Maricopa, Arizona • Business Wire • 07/12/2024 12:00:00 PM
- KB Home Announces the Grand Opening of Its Newest Community in a Prime Lancaster, California Location • Business Wire • 07/12/2024 12:00:00 PM
- KB Home Announces the Grand Opening of Its Newest Community in Lake Wales • Business Wire • 07/11/2024 09:50:00 PM
- KB Home Announces the Grand Opening of Its Newest Community in Farmlore, a Premier New Master Plan in Brighton, Colorado • Business Wire • 07/03/2024 10:22:00 PM
- Trump Media Resells Stocks and Warrants; KB Home Exceeds Q2 Expectations, and More News • IH Market News • 06/20/2024 10:55:11 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/18/2024 08:18:15 PM
- KB Home Reports 2024 Second Quarter Results • Business Wire • 06/18/2024 08:10:00 PM
- U.S. Futures Show Mixed Trends Ahead of May Retail Sales Data, Oil Prices Edge Lower • IH Market News • 06/18/2024 11:04:34 AM
- KB Home Announces the Grand Opening of Its Newest Community in Apopka • Business Wire • 06/12/2024 12:00:00 PM
FEATURED Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM
North Bay Resources Announces Mt. Vernon Gold Mine Bulk Sample, Sierra County, California • NBRI • Sep 11, 2024 9:15 AM
One World Products Issues Shareholder Update Letter • OWPC • Sep 11, 2024 7:27 AM
Kona Gold Beverage Inc. Reports $1.225 Million in Revenue and $133,000 Net Profit for the Quarter • KGKG • Sep 10, 2024 1:30 PM