Buyers for newer homes returned to the single-family home market in 2012, resulting in better than expected operating results for most of the homebuilders we rate. Sales volumes and average selling price exceeded our initial expectations, and we currently expect that the homebuilders we rate will deliver on average 20% more homes in 2012 compared [...]
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A Housing Recovery Is Buttressing U.S. Homebuilders’ Credit Quality
Although the U.S. economic recovery remains tepid and 2012 job growth was lackluster at best, activity in one area—new home sales—was markedly hotter, jumping 20% in 2012 compared with 2011. Contributing to this growth were record home affordability, rising apartment rents, an increase in household formations, and a limited supply of existing homes for sale. [...]