NEW YORK - Pulte Group shares are down 23 cents today or 2.94% on 6.41 million shares of volume after the company released its fourth quarter results. The company said it made a profit of $14 million or 4 cents a share. The company said it had 17 cents a share of one time repurchase claims and land sale gains of ten cents a share.
The stock has been hurt by the housing bubble which was when rapid lending led to an explosion of house building. Because of this explosion, the market was over supplied and we have had to wait until now to reach a housing bottom. From 2000 to 2006, 3 million extra homes were built above the average of 1.4 million a year. From 2007 to 2011, so few homes were built that entire surplus has turned into a small deficit meaning the housing crisis is ready to begin turning around.
To read our full Pulte Stock report click here
No comments:
Post a Comment