Builder confidence rises for mature housing market
Builder confidence in the 55+ housing market for single-family homes rose four points to 18 compared with the same period a year ago, according to a poll released by the National Association of Home Builders (NAHB).
"We are seeing increased optimism from builders in the 55+ housing segment," said NAHB chairman Bob Nielsen, a home builder from Reno, Nev. "However, the market still remains weak as many people in the mature-market sector are hesitant to buy. They are concerned about selling their existing home at a fair price, due to low appraisals, an abundance of foreclosures and tighter mortgage lending criteria."
The 55+ Housing Market Index (HMI) measures builder sentiment based on current sales, prospective buyer traffic and anticipated six-month sales for that market. A number greater than 50 indicates that more builders view conditions as good than poor. All index components increased from a year ago: Present sales rose four points to 17, expected sales for the next six months increased two points to 26, and traffic of prospective buyers rose five points to 15.
The 55+ multifamily condo HMI also showed improvement, with an index level up six points to 14. Present sales increased five points to 12, expected sales for the next six months rose three points to 17, and traffic of prospective buyers increased five points to 15.
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LP’s Q4 net loss widens
Louisiana-Pacific reported a fourth-quarter net loss of $46.6 million, compared with a net loss of $6.8 million in the prior-year quarter. For the quarter ended Dec. 31, 2011, LP reported net sales of $312 million, down 1.3% from $316 million in the fourth quarter of 2010.
“Demand for building products slowed in the fourth quarter due to seasonality and inventory reduction actions taken by our customers at year end,” said LP’s CEO, Rick Frost. “For the full year, U.S. single-family housing starts were down 9% to a 50-year low, which made 2011 another tough year for LP. On the bright side, our South American operations had a record year of profitability, and LP ended 2012 with a strong balance sheet that included $340 million in cash.”
For the year ended Dec. 31, LP posted a net loss of $170.7 million compared with a net loss of $39.0 million in the prior year. Net sales for the year totaled $1.357 billion compared with $1.384 billion in 2010.
LP’s OSB segment reported net sales for the fourth quarter of $131 million, up 3% from $127 million in the fourth quarter of 2010. For the full year, OSB reported sales of $542 million, down 10% from the prior year.
The company’s Siding segment reported net sales of $93 million in the fourth quarter, a decrease of 10% from $103 million in the year-ago fourth quarter. For the full year, Siding reported sales of $430 million, about flat from the prior year.
The Engineered Wood Products (EWP) segment reported sales in the fourth quarter of $46 million, down 6% from $49 million in the year-ago quarter. For the full year, EWP reported sales of $203 million, up 6% from the prior year.
The South America segment reported sales in the fourth quarter of 2011 of $34 million, up 34% percent from $25 million in the fourth quarter of 2010. For the full year, South America reported sales of $145 million, up 16% from the prior year.
“Recently, we have seen some hopeful signs of growth in the North American housing market, which is good news,” Frost added. “Because the economy is still fragile, with slow job growth and little progress made to address our country’s underlying fiscal issues, we are planning on a slow recovery in 2012. Fortunately, our financial situation allows us to be prepared to satisfy market demand if housing is better than we expect.”
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Standard Pacific sees positive Q4 results
Irvine, Calif.-based Standard Pacific has reported fourth-quarter net income of $15.3 million, compared with a net loss of $21.9 million in the prior-year quarter. Home-building revenues increased 38% to $293.2 million in the fourth quarter, compared with $212.4 million in the fourth quarter of 2010. This increase was driven by a 26% increase in new home deliveries to 782 homes.
Net new orders for the quarter ended Dec. 31, 2011, totaled 615, up 44% compared with the fourth quarter of 2010.
For the full year of 2011, the company posted a net loss of $16.4 million, compared with a net loss of $11.7 million in 2010. Home-building revenues for the year totaled $883.0 million, down 3.2% from $912.4 million for the full year of 2010.
"I am pleased with the results for the quarter,” said CEO and president Scott Stowell. “Our strategic focus on growing community count in the move-up segment, our continued dedication to quality home design, and our commitment to creating a superior customer experience have all contributed to our solid fourth-quarter results.
"While we believe the home-building industry will face ongoing headwinds throughout 2012, I am confident that with our focus on execution at every level of our organization we will continue to drive improved profitability despite these challenging market conditions."
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