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The march of protest
Housebuilders in America
America’s builders have responded cautiously to higher house prices. So far
THE stronger-than-expected 53% growth in quarterly sales reported on June 25th by Lennar, America’s biggest homebuilder by market capitalisation, is the latest evidence that the country’s housing market is recovering from its mid-decade meltdown. On the same day the Commerce Department reported that 476,000 new homes were sold nationwide in May, the third month in a row that sales have grown and the highest monthly total since July 2008. The S&P/Case-Shiller index of house prices in the 20 largest metropolitan areas beat expectations by rising by 1.7% (seasonally adjusted) in April and 12.1% year on year, the strongest annual growth since the market peaked in 2006.
Shares in the 12 largest …