The "Fast Money" traders share their final trades of the day.» Read More
Today's U.S. housing numbers that we've been reporting have some very good news--and some not so good news (seems most economic reports out lately are a double edged sword). First--the housing starts for multi-family homes are up 42% in the month of December (the largest jump since April of 2005.) Great, right? Well hold on. CNBC's Diana Olick reported from a KB Home site in Florida--that the celebration might be premature.
Lennar, one of the nation's largest home builders, reported a sharp fourth-quarter loss after writing down the value of its property investments amid a weakening housing market.
A soft landing is still a landing – and CGM Realty Fund’s Kenneth Heebner is preparing to roll with it. He serves as portfolio manager at the fund, which has been warily watching the real estate market’s more moribund developments – such as the sudden glut in unsold condominiums in cities like New York, Boston and Washington, DC.
Home builders Centex and KB Home said on Tuesday they would take charges to reduce their land positions in a sign the weakest U.S. housing market in decades may not yet have bottomed.
Financial markets will have plenty of news to feast on in the coming week although the markets generated enough headlines on their own in the first days of January with just a few big stories to chew on. The second week of January is quite busy. We're looking forward to some of the most important and newsy industry conferences of the year, plus the start of earnings season, an important Fed speech, and some fresh economic data.
During the final week of the year, CNBC spoke with analysts to get their top picks for 2007. Large cap names and private equity were winners in 2006, and many analysts are expecting more of the same next year. But look for some picks that may be surprising as well.
Shares of home builders each gained more than 1%, with the overall Dow Jones Home Construction index gaining 10 points, or 1.4%, to 729.58. The index has lost 21% this year, and is down about 35% from its high in July 2005.
The U.S. housing market has certainly gone through a rough patch lately--but there is some good news on stronger home sales--as we've reported. The Commerce Department says new U.S. home sales rose 3.4% in November. Analysts were looking for a gain of 1-2%. But new home sales are still down from a year ago by 15.3%. So--are there any good stock recommendations out there?
Last week the Secretary of the Treasury, Hank Paulson, was asked if the residential real estate market had bottomed. He refused to answer the question. But as we approach the New Year, that is arguably the biggest question in real estate. The spring season is right around the corner, traditionally the busiest for buying and selling, and many believe it will tell the true story of the state of the market.
A record number of U.S. corporate bosses have left their jobs this year, in part reflecting the widening stock options backdating scandal, according to data released today.
Sales of new homes fell in October by the largest amount in three months, a fresh sign of the slowdown in the once-hot housing sector.