April 19, 2000 |
Housing construction, dampened by an upswing in mortgage rates, took its biggest dive in six years last month--down 11.2% from February. Builders began work on new homes at a seasonally adjusted annual rate of 1.60 million in March, the Commerce Department said. It marked the sharpest one-month drop since January 1994, when housing starts fell by 17%. The weakness, which followed a 3.6% rise in February, came from a steep decline in condominiums, apartments and other multifamily housing.
April 1, 2000 |
Kaufman & Broad Home Corp. and Centex Homes, two of the nation's largest home builders, announced they will eliminate the use of wood from old-growth forests in their new-home construction. Los Angeles-based Kaufman & Broad--which builds about 22,000 homes a year--in partnership with the environmental group Natural Resources Defense Council, is developing a plan to phase out dozens of wood products from endangered forests, including Douglas fir and cedar.
January 20, 2000 |
Housing construction shot up 7.1% in December, the Commerce Department reported Wednesday, capping off the best year for housing since 1986 despite the fact that mortgage rates were creeping higher. Meanwhile, the Federal Reserve said its latest review of the U.S. economy showed strong business activity around the nation, with retailers recording a strong Christmas and manufacturing companies enjoying a broad-based rebound.
December 18, 1999 |
One of the driving forces in the economy slowed abruptly in November as rising mortgages drove construction of new homes to the weakest pace in seven months, the Commerce Department said Friday. Housing starts fell 2.3% last month to a seasonally adjusted annual rate of 1.6 million units, the slowest pace since April, after a flat October. All of the weakness was in single-family home construction; starts of apartment buildings and other multi-unit housing rose in November.
November 3, 1999 |
Kaufman & Broad Home Corp., the largest U.S. home builder, said its U.S. home orders fell 0.5% in October from a year earlier, the first such decline in nearly two years. The Los Angeles-based company also said it will buy back as many as 4 million shares on the open market or in privately negotiated transactions. The company repurchased all of the 2.5 million shares it authorized in a previous buyback. Kaufman & Broad shares rose 50 cents to close at $21.69 on the New York Stock Exchange.
November 2, 1999 |
Huge demand for new apartments, office buildings, warehouses and other commercial properties will build over the next 30 years as the U.S. population increases 26%, according to a speaker at the National Assn. of Real Estate Investment Trusts' annual convention last week in Los Angeles. But it remains to be seen if that big boost to the real estate industry will do anything for long-depressed stock prices of real estate investment trusts.