Magnificent Seven

Only seven large homebuilders (1000+ closings) have sold more homes so far in 2010 than they did a year earlier. Our data feature this week, courtesy of Housing IntelligencePro, shows their rank in terms of percentage gain from a year ago. While this has been another brutal year for home builders, these seven companies have adapted to difficult conditions and continued to move product. Subscribers to Housing IntelligencePro have the ability to examine the individual areas and subdivisions that have driven the successful increases in volume. Is it price? Is it location? Amenities? Being armed with this sort of intelligence has never been more vital. In broader housing news, both new and existing home sales reported moderate gains in September albeit coming off near record lows. The recent halt in foreclosure activity by some of the nation’s largest financial institutions may stall further sales activity in the near-term, especially in regards to sales of distressed/foreclosed properties. Recent data showed that the economy is still on a path of sluggish growth. GDP estimates for the third quarter were slightly stronger than final second quarter figure which was encouraging. Economic growth was fueled by stronger consumer spending during the third quarter. Speaking of the consumer, consumer confidence rebounded slightly in October after reaching its lowest levels since February last month. Corporate earnings remained strong this earnings season which is also a positive sign for the economy going forward.

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