Lending to get boost from booming building and sales

by Diana Aqra15 May 2013
KB homes reported 59% higher revenue and a 40% rise in new home orders during the first quarter, most of which was in the West coast and Central regions, according to the company.
Stearns is also building up its executive staff involved with the home building industry. It announced Monday it would hire the former executive in the National Builder Division of Bank of America. 
New home sales are booming everywhere, growing 3% year-over-year nationally as of March 2013, but most of the increases can be seen in the West, according to a MarketPulse report released Tuesday by CoreLogic.  
Of the 10 fastest growing markets, six of them were in the Western region, including Oakland, California; Bakersfield, California; San Francisco California; Sacramento, California; Phoenix, Arizona; and Salt Lake City, Utah. The remaining cities with highest new home sales were Chicago, Illinois; Charleston, South Carolina; and Lake County, Illinois.
The report added that although California and the West appear as the top leaders in terms of new home sales, they are recovering from record lows, unlike other states like Texas, North and South Carolina which are showing signs of more “sound fundamental” growth.

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