Donald Tomnitz News
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Investors seeking single-family homes to rent are buying land and newly-built properties as foreclosures dwindle and existing home prices in the U.S. rise at their fastest pace since 2006.
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Residential real-estate prices increased in February by the most since May 2006, showing the U.S. housing market is strengthening.
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D.R. Horton Inc ., the second-largest U.S. homebuilder by revenue, expects 2011 to be “challenging” for the industry as consumer confidence and employment remain weak, Chief Executive Officer Donald Tomnitz said.
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D.R. Horton Inc., the largest U.S. homebuilder by volume, fell after its chief executive officer cautioned that employment growth will remain weak next year, potentially hurting sales of new houses.
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Homebuilder executives and economists predict a post-Super Bowl bounce in demand for residential construction as Americans turn their attention from football to another national pastime: house hunting.
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U.S. stocks erased gains, failing to rebound after the Standard & Poor’s 500 Index’s biggest weekly retreat since June, as investors awaited budget talks in Washington and European finance chiefs met to discuss Greek aid.
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Guy Asaro, president of McMillin Homes LLC, bought three land parcels in Texas this year while coming up empty in the San Diego area, where the closely held builder is based.
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U.S. stocks sank for the week, sending the Dow Jones Industrial Average to its longest losing streak since August 2011, as investors fixated on federal budget negotiations between President Barack Obama and Congress.
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Spending on U.S. construction projects climbed more than forecast in December, showing the housing industry is sustaining gains that may lift the economy.
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The number of U.S. mortgage applications dropped last week by the most this year as an increase in borrowing costs caused refinancing to plunge.
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