Inside the House of Blues

September 7, 2008 at 3:46 pm

Citigroup analyst Josh Levin plunked a plucky time to broach coverage of home builder stocks. It’s evidencing likewise that he bade his first report House of Blues.

Levin paints a still downhearted picture of the industry. He doesn’t imagine the latterly traveled by domiciliating bill will do much to arouse newfangled home sales despite tax credits for first time home buyers. Levin visits home prices descending another 10-15% in the next year. He doesn’t opine prices for subsisting homes will lead off to take account over again until 2011.

Sales of newfangled homes should bottom out this year at around 550,000 per year. But a couple years ago the industry was betraying more than double that.

Yet Levin avers it may be time to buy two builders that seem like they will brave out this storm. He alleges Pulte Home’s management has been taking aim steps to fortify the company’s balance sheet. And luxury home builder Toll Brothers has buffed its finances by reaching out out to an Abu Dhabi investment fund for cash. One builder said Levin: “Gas prices are shooting down us.” Toll Brothers retrieved a way to bring some of those petrodollars backward.

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