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4-Traders Homepage  >  Equities  >  Euronext Paris  >  April    APR   FR0004037125

APRIL (APR)

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APRIL GROUP : U.S. pending home sales rise 6.7 percent in April

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06/02/2009 | 04:01pm CET

Pending sales of previously owned U.S. homes in April unexpectedly saw their biggest monthly gain in 7-1/2 years, a report from a trade group on Tuesday showed, buttressing views the U.S. recession was easing.

The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in April, rose 6.7 percent in April to 90.3 from 84.6 in March.

It was the biggest monthly increase since October 2001 and it took the index 3.2 percent above its year-ago level in the latest sign the battered U.S. housing sector was stabilizing.

Economists polled by Reuters ahead of the report were expecting pending home sales to rise 0.5 percent.

The downturn in the U.S. housing market touched off a global credit crisis that sent economy's worldwide tumbling into recession. Now, signs are emerging that the global economy is beginning to heal.

The association's senior economist, Lawrence Yun, credited improved home affordability and a new government program that provides an $8,000 tax credit for first-time homebuyers for the surge in buying activity.

The NAR said its Housing Affordability Index, which blends factors like home prices and mortgage rates, was "in record territory" with 30-year mortgage rates hovering around 5 percent and an abundance of homes on the market.

(By Patrick Rucker; edited by Neil Stempleman)

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Financials (€)
Sales 2016 847 M
EBIT 2016 -
Net income 2016 44,2 M
Debt 2016 -
Yield 2016 2,08%
P/E ratio 2016 -
P/E ratio 2017
Capi. / Sales 2016 0,58x
Capi. / Sales 2017 0,57x
Capitalization 491 M
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Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 2
Average target price 13,3 €
Spread / Average Target 11%
Consensus details
Managers
NameTitle
Emmanuel Morandini Chief Executive Officer
Bruno Rousset Chairman
Philippe Jean-Marie Marcel Independent Director
Bernard Belletante Director
André Arrago Director
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