PulteGroup's (PHM) earnings of 43 cents per share came in line with our expectation.
PulteGroup Inc. (PHM) is set to report third-quarter 2016 results on Oct 20, before the market opens. The company is likely to beat earnings.
The National Housing Association of Home Builders /Wells Fargo Housing Market Index scaled to 65 in September - the highest since Oct 2005. Given the strong momentum in the housing space, it will be prudent to pick stocks with a solid Zacks Rank.
The housing market index has climbed up significantly, so buy these home building stocks while they are cheap!
D.R. Horton posted strong fiscal Q2 earnings and existing home sales were bullish in March. Should you buy homebuilding ETFs?
PulteGroup Inc. (PHM) is one of the leading homebuilders in the U.S.
Pulte Homes (PHM -2%) succumbs to a bout of profit taking following last weeks +10% run on the back of last weeks announcement that it was moving its corporate headquarters to the Buckhead community in Atlanta, and signaled plans to expand its staff. The stock initially made a move higher in an attempt to push through Friday's high, but quickly gave way to sellers looking to lock in gains. The upside move was fueled by an upgrade by Adam Rudiger at Wells Fargo to Outperform on valuation, noting that a favorable buyer mix should limit the company's downside risk. Rudiger adds that PHM is better positioned to weather higher mortgage rates than its peers, who are more focused on the entry-level buyer. Post your comment!
Mike Kalis, the chief executive officer of Marketplace Homes, grew up in Plymouth, Michigan and graduated from Michigan State University in 2004 with a degree in business. Kalis did not have access to much money while in college so he took a job at Cottage Inn. After graduating, Kalis took a job at Pulte Homes in sales. This job made sense for Kalis because he always enjoyed researching the real estate market.
Anyone who believes that housing is back in a big way needs to take a look at homebuilder stocks. Here’s DR Horton (DHI) which is down over 30% from its recent highs. The same can be said for Pulte Homes (PHM) The problem with the housing industry was and remains the Fed. By keeping interest rates at zero and giving institutions access to various lending windows, the Fed gave large financial firms like Blackrock to opportunity to snatch up tens of thousands of homes. This has put a false floor beneath housing prices. Historically, housing busts in the OECD countries last 6-7 years peak to trough. But by giving certain players in the market (institutions) the opportunity to buy up vast swaths of homes, the Fed didn’t allow this natural process to take place. The end result is that housing is once again unaffordable for most folks. Prices are surging across the board at the precise time that mortgage applications are collapsing (in part based on the rise in rates and based on housing becoming too pricey). Sounds like 2007 all over again, doesn’t it? If you’ve yet to take action to protect your portfolio from a coming collapse, you can download our FREE Special Report outlining this at: http://gainspainscapital.com/protect-your-portfolio/ Best Regards Graham Summers
The news of Detroit's bankruptcy has brought countless explanations of what went wrong, some of them pretty interesting. But the main point of a bankruptcy — especially this bankruptcy, which has been looming for decades — is to get a fresh start. So it's been dismaying to see how little attention has been paid in the past week's news coverage to the fact that central Detroit is already in the midst of fresh start, a revitalization that feels far more organic and durable than past top-down efforts like the construction of the Renaissance Center in the late 1970s and the arrival of casinos in the late 1990s (although the casinos do appear to pay the bulk of the city's bills at the moment). Decrepit buildings in downtown and midtown are being renovated and converted into loft apartments, hotels, restaurants, and offices. Compuware and Quicken Loans have moved their headquarters and thousands of employees from the suburbs to the city. There's an incipient venture-capital and startup scene, and lots of small creative businesses. The area's pro sports teams are almost all back downtown. Young, upwardly mobile people are actually moving to Detroit. At the moment, this renaissance is almost completely disconnected from what's going on in the rest of the city. A small group of affluent, well-educated Creative Classers (and a larger number of occasional suburban visitors) has occupied an island in a sea of economic despair. One telling factoid: Detroit had been without a major chain supermarket since 2007. Now it has one in midtown, and it's a Whole Foods! (For non-U.S. readers, Whole Foods is a high-end natural foods chain long known by the nickname "Whole Paycheck.") Outside of this rejuvenating core and a few residential neighborhoods that are still holding strong, Detroit is an underpopulated, crumbling mess. In 1950 the city had more than 1.8 million inhabitants; this year the population will probably slip below 700,000. Providing city services like police protection and garbage pickup across 139 ever-emptier square miles keeps getting more expensive and difficult (Detroit now has much lower population density than famously sprawling Los Angeles — although it's still denser than more recent boomtowns such as Houston and Phoenix). Just since 2000, the city has lost 26% of its people, with the white flight that began Detroit's decline in the 1950s long since overtaken by an exodus of middle-class African-Americans. Those left behind are increasingly those who can't get out — with a per capita income of just $15,261 and 36.2% of the population below the poverty line, Detroit is now by most measures the poorest big city in the country. It has also been uniquely dysfunctional. Cities live or die as economic entities, and Detroit's economy of course grew up around its automotive entrepreneurs. But over time the automakers evolved into change-averse business bureaucracies. Only General Motors remained based in Detroit, and while it certainly tried to help the city it's probably fair to say that its executives had little idea how. And while the Detroit area spawned new businesses — Compuware, Pulte Homes, Rock Financial (which took the name Quicken Loans during a brief stretch when it was owned by Intuit) — they were all creatures of the suburbs. To an extent unparalleled in any other major American metropolis, private economic activity in metro Detroit came to almost completely bypass the actual city. This was very much a racial divide; whites avoided the city, while blacks gravitated toward the government jobs that were the best things on offer within the city limits. The result was a city governing class clueless about and to a certain extent disdainful of economic reality and a regional economic elite with few ties and little loyalty to the region's main city. Among America's ten biggest cities in 1950, two others — Cleveland and St. Louis — suffered population drops similar to Detroit's. They've also been troubled, and Cleveland even defaulted on some bank loans in the late 1970s. But on the whole the cities themselves weathered the demographic shock far better than Detroit. St. Louis even gained population last year (just 103 people, and that's just a Census Bureau estimate, but still, it's something). That's partly because they're older cities with smaller land areas to manage. But it's also because they remained central to regional economic life. Lots of businesses and other important economic institutions stayed in the cities, and the racial polarization between city and suburb was never as absolute as in Detroit. So what do you do about that all that? Last fall, I paid a visit to the Creative Class island within depressed Detroit for the Techonomy Detroit conference at Wayne State University, and I can attest that people there are well aware that urban rebirth will take a lot more than a few downtown restaurant openings. I can also attest that they don't really know what it will take. I moderated a panel titled "Is Detroit the Next Berlin?" and the general consensus was that no, the huge inflow of federal money and artsy types from all over that converted the once-depressed German capital into a global hotspot was not going to be replicated in Detroit — although a few artsy types were already there and some federal money sure would be nice. So here are some other paths: Immigration. New York Mayor Michael Bloomberg made headlines two years ago by arguing that Congress ought to "pass a law letting immigrants come in as long as they agree to go to Detroit and live there for five or 10 years, start businesses, take jobs, whatever." That apparently isn't going to happen, and recent immigration, while surely a positive for Detroit, hasn't been on the scale that has helped revitalize big cities nearer the coasts. In fact, the city has so far attracted far fewer immigrants than its suburbs — which does indicate that there's opportunity for improvement. Shrinkage. Not long after NBA Hall of Famer Dave Bing became Detroit's mayor in 2009, reports surfaced that he was thinking of bulldozing a quarter of the city. Reality has turned out to be less dramatic, but the city is definitely working to reduce its footprint — to abandon some neighborhoods in order to focus on making others thrive. That could help with cutting costs and improving services, but — groovy urban farms aside — it's not what you'd call an entirely positive development. Policy innovation. The most thought-provoking thing I've read about Detroit in the past week was a blog post by The Century Foundation's Jacob Anbinder sketching out four possible government policy fixes: (1) let property owners (about half of whom aren't paying their taxes at the moment) choose what their taxes are spent on, (2) make city workers live in Detroit (less than half do, and this is something Mayor Bing has already been talking about), (3) let wealthier municipalities temporarily take over parts of Detroit for economic development purposes, which is allowed under Michigan law, and (4) do away with the region's ridiculous public transit divide in which the suburbs and the city run separate and disconnected bus systems. Are these the right prescriptions? I don't know. But bold experimentation certainly has to be part of the picture. Bankruptcy. I'm guessing Chapter 9 has been inevitable for Detroit for a while, but the timing and specifics of it were forced on the city by Republican governor Rick Snyder, a former business executive (at Gateway Computers; remember them?) and venture capitalist. Snyder seems like a pragmatic guy who genuinely wants to enable an economic rebirth for Detroit, and his decision has been welcomed by the city's new entrepreneurs. Bankruptcy is, after all, a way to get out from under past commitments that they had nothing to do with. But a lot of those commitments were to municipal workers, who (the ones who actually live in the city, at least) make up much of the Detroit's remaining middle class. The most surprising elements of the city's bankruptcy filing have been the claims that Snyder-appointed Emergency Manager Kevyn Orr has made about the dire state of the city's pension funds; there's widespread suspicion that he's overstating the problem. That's got to be at least partly a negotiating tactic, but it's a dangerous game Orr is playing. It's not that city pensions should be untouchable — they definitely won't be, now that a bankruptcy judge is likely to be calling the shots. But the great tragedy of Detroit over the last half century has been an inability to share responsibility and opportunity across racial and municipal lines. If the bulk of Detroit's bankruptcy costs are borne by a bunch of (mostly black) city workers for the benefit of a bunch of (mostly white) entrepreneurs and corporate workers, what kind of restart will that be? Money. In a much-debated New York Times op-ed a few days ago, Steven Rattner — who managed the Detroit automakers' successful bankruptcies in 2009 — argued that the only feasible way forward is for the state of Michigan (and to a lesser extent the federal government) to help Detroit out. Michigan has had a pretty awful decade, but it's still in much better shape than Detroit. And it seems like many of the state's leading businesspeople, and its governor, have come around to the idea that the state can't thrive again until its biggest city is on the comeback trail. There are limits to what money can do, and I imagine that anything that could be labeled a "bailout" would spell political suicide for Snyder. But hey, maybe he's itching to go back into the VC business so he can invest in Detroit. Entrepreneurs. The downtown Detroit boomlet is to a remarkable extent the work of one wealthy risk-taker, Quicken Loans chairman and co-founder Dan Gilbert. According to the blog Detroit Unspun, Gilbert and his firm Rock Ventures now own or control more than 30 properties downtown, totaling 7.5 million square feet. That's a huge bet on a far from sure thing, and while sometimes I think entrepreneurship gets oversold as a cure for economic ills, it's hard to think of anything that would do more to get Detroit going than the presence of a couple more Dan Gilberts, and a few hundred or thousand mini-Dan Gilberts. Does all this add up to a formula for fixing Detroit? No — and you may have noticed that I completed avoided the topic of fixing Detroit's schools, which is clearly crucial yet diabolically hard. But to a certain extent the lack of formula is the point. A fresh start for Detroit means entering uncharted territory — and that's exciting.
The homebuilders were hot in 2012 and it looks to continue in 2013 as the housing market recovers. NVR (NVR) is one that you don't hear about as much as the big housing names like Pulte and Lennar. But this Zacks Rank #1 (Strong Buy) is expected to grow earnings by the double digits in both 2013 and 2014. NVR might not be familiar but its homebuilding segments probably are. It is a holding company that operates Ryan Homes, NVHomes, Fox Ridge Homes and Heartland Homes in 15 states. It also operates NVR Mortgage out of Virginia. It's best known for Ryan Homes, which was founded in 1948 in the post-World War II boom and has built 365,000 single family homes, townhouses and condos across the country. On Jan. 24, NVR reported fourth quarter results and confirmed just how good the housing recovery really is. These are the kind of numbers you want to see out of the homebuilders right now. This recovery is no fluke. Fourth quarter revenue jumped 27% to $943 million. New orders rose 22% to 2,625 units. The backlog also climbed by 35% to 4979 units. Not surprisingly, it was dark days following the Great Recession of 2008 and 2009. In 2010, the company managed to grow earnings by 7.7% but then they fell 30% in 2011. 2012 marked the start of a the earnings turnaround, however. Earnings grew 51% in 2012 and are expected to grow another 51% in 2013 and 39% in 2014. Special Offer: We asked some of the most successful investors in the country to name their #1 pick for 2013. Get details on their top 10 stocks in this free report, Forbes Top Stocks for 2013…10 to Buy Now. Share Price Over $1,000 No, you're not reading that wrong. NVR trades with a share price above $1,000. But don't let that stop you from considering the stock. Google trades above $800 and Priceline is right around $700. Share price isn't indicative of value (or lack thereof.) There's no doubt some of the homebuilders have ridden too far, too fast. Check out NVR's 2 year chart. The industry has a collective P/E of 139. That's not exactly cheap. But NVR has attractive valuations, comparatively. It has a forward P/E of just 19.9 and a price-to-book ratio of 3.5. There is a lot of good news in the housing market right now. The industry is ranked 21 out of 265 by Zacks. NVR, however, is the only company out of 16 in the residential/commercial building industry with a Zacks Rank #1 (Strong Buy). It is scheduled to report first quarter results on April 18. It has surprised 3 out of the last 4 quarters so it's earnings surprise track record has been improving as well. If you're looking for a leader in housing, NVR is it. Tracey Ryniec is the value stock strategist for Zacks.com. She is also the editor of the Turnaround Trader and Value Investor services. You can follow her on twitter at @TraceyRyniec.
Right now, a battle is underway to reform the Computer Fraud and Abuse Act, a statute that can transform innocuous workplace behavior into a federal crime, simply because a computer is involved. The CFAA is a bludgeon that Big Business and the Department of Justice have willingly used against the American worker, and its time for that to stop. This opportunity comes in the wake of heartbreak. Recently, a young man named Aaron Swartz took his own life while facing CFAA criminal charges for downloading academic journal articles. Aaron is quite rightfully being memorialized as a great information access and Internet freedom activist, but he was also so much more. Aaron didn't fight for these things for their own sakes: Aaron understood that information access and the freedom to connect are critical to a more democratic, economically just society. He co-founded the prominent Progressive Change Campaign Committee, which regularly works with labor and activists to fight for organizing rights, for better funding for education and social programs, and to support progressive candidates. (That includes having supported coauthor David Segal's candidacy for Congress in 2010, which was backed by SEIU, AFSCME, and the AFT, and is where he first met Aaron.) Like many activists before him, Aaron fell prey to a criminal justice system that entrenches the standing of the already powerful, and which has been used so many times to break unionists and stymie their organizing efforts. Solidarity with a kindred spirit might be reason enough for organized labor to question why such a constructive person was destroyed for something so harmless as downloading academic articles. But there's another reason too: Aaron's prosecution was based on a CFAA theory that represents yet another arrow in bosses' near bottomless quiver, ready to be launched at disfavored employees, both in civil lawsuits and criminal prosecutions. The CFAA says you can be criminally prosecuted or sued if you access without authorization, or "exceed authorized access," to a computer or computer system. Pushed by prosecutors and by business concerns, three federal appellate courts have held that if you are using a computer in a manner that violates the system owner's policies or preferences, or even villages an unwritten "duty," you are breaking this law. Every American should be concerned about the over-breadth of our criminal statutes and the ease with which prosecutors can bring the power of the state to bear against nearly anybody whom they set their sites upon. But organized labor should be particularly concerned about the use -- and potential abuse -- of the CFAA. Last year, in rejecting the government's expansive and dangerous view of the CFAA, Chief Judge Alex Kozinski explained why workers need to worry about expansive readings of this law. Basing criminal liability on violations of private computer use polices can transform whole categories of otherwise innocuous behavior into federal crimes simply because a computer is involved. Employees who call family members from their work phones will become criminals if they send an email instead. Employees can sneak in the sports section of the New York Times to read at work, but they'd better not visit ESPN.com. And sudoku enthusiasts should stick to the printed puzzles, because visiting www.dailysudoku.com from their work computers might give them more than enough time to hone their sudoku skills behind bars. That case arose from an attempted criminal prosecution of a disloyal employee and it was based upon accessing a computer in violation of employer policies (ftnte, link to U.S. v. Nosal). Just as prosecutors have used the CFAA -- sometimes successfully -- to cast a wide net and pursue cases of dubious merit, so too can employers try to use broad interpretations of this vague statute to target employees who use company networks or hardware to engage in extra-employment activities -- like union organizing, or even searching for a new job. Or employers who seek to stymie organizing efforts can use the CFAA to threaten activists for unrelated supposed computer offenses. Indeed, unions have already been the targets of CFAA suits and prosecutions. Ludicrously, in 2011 a Laborers International Union local in California was successfully sued under the CFAA for placing too many phone calls and sending too many emails to the offices of a company called Pulte Homes. Pulte and the union were embroiled in a dispute over the company's firing of a worker who belonged to the union. We're trying to change the CFAA, in ways that would protect workers all around the country, not just in the Ninth Circuit. Representative Zoe Lofgren has drafted "Aaron's Law" to reform the CFAA and make clear that violating a computer use policy is not a crime. While the CFAA might seem arcane and irrelevant to most Americans at first glance, it actually exposes any employee who uses a computer to civil liability or worse, at the whim of the company or the police. We have a chance to restore balance to the law, and return it to its original purpose, protecting networks from those who break in. To do this job, we need your help. Click here to find out more about the CFAA and what you can do to support Aaron's Law. Jennifer Granick is the Director of Civil Liberties at the Stanford Center for Internet and SocietyDavid Segal is the executive director of Demand Progress and a former Providence city councilman and Rhode Island state representative.
Buying a home is now cheaper than renting in most of the country's housing markets. A litany of recent studies and surveys have almost belabored the point given home values and historically low interest rates. Now there's new data suggesting renters have clearly noticed the trend -- and they're planning to pounce sooner rather than later. Sixty percent of renters who hope to one day own a home now plan to buy one in the next two years, according to a survery by national homebuilder Pulte Group. That also happens to represent a 60 percent increase from just a year ago. Changing Views Renters cited a host of reasons for their changing views regarding homeownership. The top three were: They like being able to call themselves homeowners (49 percent) They view it as a good financial investment (44 percent They need more space for their family/kids (36 percent) "We are seeing a renewed sense of optimism, especially from young professionals and young families visiting our communities nationwide," Deborah Meyer, senior vice president of PulteGroup. "Homeownership is more attainable than ever with historically low mortgage rates and competitive pricing, as well as affordable new homes designed for first-time home buyers coming into the market." But there are still hurdles and significant questions facing renters nationwide. The survey also notes the main reasons why some renters are still holding out: Not enough money for down payment (54 percent) The belief that renting is cheaper than buying (28 percent) Uncertainty with employment status (23 percent) Additional homeowner surveys also turned up some surprising information about our expectations regarding multi-generational housing. Multi-generational Housing A whopping 31 percent of homeowners with children aged 16 to 30 and those with living parents anticipate having at least one child returning to the nest down the road, according to the separate Pulte Group survey. That may usher in a boom period for homebuilders, home sellers and contractors. Nearly half of homeowners who are expecting their children to return will either renovate their existing home or purchase a new one. Chris Birk is director of communications for the VA Mortgage Center, which specializes in VA loans for veterans and active duty service members. This post originally appeared at OurBroker.com.
One of the year's biggest payoffs comes from a contrarian bet on the most hated sector on the planet: long the housing sector. While the risk was large, the payday was larger. The iShares U.S. Home Construction ETF (ITB) surged more than 75% in 2012, boosted by homebuilders such as Pulte Homes (PHM) and Lennar (LEN) doubled or nearly doubled and construction-related stocks like Home Depot (HD) also soared.
One of the year's biggest payoffs comes from a contrarian bet on the most hated sector on the planet: long the housing sector. While the risk was large, the payday was larger. The iShares U.S. Home Construction ETF (ITB) surged more than 75% in 2012, boosted by homebuilders such as Pulte Homes (PHM) and Lennar (LEN) doubled or nearly doubled and construction-related stocks like Home Depot (HD) also soared. Post your comment!
PulteGroup Inc , the second largest U.S. homebuilder, posted a quarterly profit and a sharp rise in new orders as the company benefited from a rebound in housing demand. Pulte reported third-quarter net ...
More on Pulte Homes (PHM) Q3 earnings: Net new orders of 4,544 homes, +27% Y/Y - dollar value of $1.3B, +43% Y/Y. Gross margin of 21.6%, +130 bps Q/Q, +320 bps Y/Y. Backlog of 7,686 homes, +49% Y/Y. The company yesterday announced its tender for up to $1B of outstanding senior notes, to be financed with cash on hand. Shares flat premarket. (PR)
More on Pulte Homes (PHM) Q3 earnings: Net new orders of 4,544 homes, +27% Y/Y - dollar value of $1.3B, +43% Y/Y. Gross margin of 21.6%, +130 bps Q/Q, +320 bps Y/Y. Backlog of 7,686 homes, +49% Y/Y. The company yesterday announced its tender for up to $1B of outstanding senior notes, to be financed with cash on hand. Shares flat premarket. (PR) Post your comment!
Pulte Homes (PHM): Q3 EPS of $0.30 beats by $0.10. Revenue of $1.3B misses by $110M. (PR) Post your comment!
From economist Tom Lawler: The Ryland Group, the 8th largest US home builder in 2011, reported that net home orders in the quarter ended June 30th, 2012 (including discontinued operations) totaled 1,415, up 32.9% from the comparable quarter of 2011. The company’s sales cancellation rate, expressed as a % of gross orders, was 20.0% last quarter, down from 20.7% a year ago. Home deliveries totaled 1,149, up 30.0% from the comparable quarter of last year, at an average sales price of $253,000, up 3.3% from a year ago. The company’s order backlog at the end of June was 2,289, up 39.1% from last June.Pulte Group, the 2nd largest US home builder in 2011, reported that net home orders in the quarter ended June 30th, 2012 totaled 5,578, up 32.1% from the comparable quarter of 2011. Home deliveries last quarter totaled 3,816, up 5.0% from the comparable quarter of last year, at an average sales price of $268,000, up 8.1% from a year ago. The company’s order backlog at the end of June was 7,560, up 30.9% from last June. The company attributed the increase in average sales prices to a favorable mix of home closings, improved pricing, and “value creation efforts.”Meritage Homes, the 10th largest US home builder in 2011, reported that net home orders in the quarter ended June 30th, 2012 totaled 1,353, up 48.7% from the comparable quarter of 2011. The company’s sales cancellation rate, expressed as a % of gross orders, was 13% last quarter, down from 15% a year ago. Home deliveries last quarter totaled 1,042, up 21.7% from the comparable quarter of last year, at an average sales price of $270,000, up 5.0% from a year ago. The company’s order backlog at the end of June was 1,611, up 62.1% from last June.M/I Homes, the 16th largest US home builder in 2011, reported that net home orders in the quarter ended June 30th, 2012 totaled 826, up 30.1% from the comparable quarter of 2011. The company’s sales cancellation rate, expressed as a % of gross orders, was 16% last quarter, down from 20% a year ago. Home deliveries last quarter totaled 625, up 5.9% from the comparable quarter of last year, at an average sales price of $259,000, up 14.1% from a year ago. The company’s order backlog at the end of June was 1,168, up 40.2% from last June. So far five large public home builders have reported results for the quarter ended 6/30/2012, and with the exception of NVR net orders were above “consensus” and sales cancellation rates were down. In addition, all builders reporting so far have reported increases in average sales prices and higher margins from a year ago. While part of the sales price gains are probably “mix” related, in general it appears as if in most parts of the country home builders last quarter were able to sell comparable-type homes at “effective” (including sales incentives/discounts) prices higher than a year ago. This jives with other “incoming” home price index data. CR Note: Here is a summary from Lawler of some stats reported by publicly traded home builders for last quarter.SettlementsNet OrdersBacklog 6/126/116/106/126/116/106/126/116/10PulteGroup3,8163,6335,0305,5784,2224,2187,5605,7775,644NVR2,4752,2073,3542,6142,4682,5595,0483,9463,766The Ryland Group1,1498851,5051,4151,0659592,2891,6461,368Meritage Homes1,0428561,2071,3539109001,6119941,044M/I Homes6255907908266356021,168833748Total9,1078,17111,88611,7869,3009,23817,67613,19612,570YoY % Change11.5%-31.3% 26.7%0.7% 33.9%5.0% Note the large YOY change in order backlog, which is likely to translate into solid gains in SF housing starts and overall SF construction spending in the third quarter of this year. Standard Pacific Homes, the 13th largest US home builder in 2011, reports results after the market close today. D.R. Horton, the largest US home builder in 2011, reports results tomorrow. MDC Holdings, the 11th largest US home builder in 2011, reports results on July 31st. And Beazer Homes, the 9th largest US home builder in 2011, reports results on August 3rd. Results reported by home builders so far, however, suggest that the new SF housing market last quarter was considerably stronger than “consensus,” and right now I expect that the eight-month string of upward revisions to Census’ preliminary estimates for new SF home sales will continue in next month’s report. CR Note: This was from housing economist Tom Lawler.