The mother-son team of residential real estate brokers Dianne Christian and Matt Daniel have broken away from the Franklin office of Keller Williams Realty to launch their own company. Daniel-Christian Real Estate has set up shop in downtown Franklin.
“The Middle Tennessee real estate market has weathered the recession well and is now poised for another growth opportunity,” Daniel said. “Dianne and I are very confident that our expertise gives us an edge. We can help clients achieve their dreams and goals in a thoughtful and strategic way.”
Analyst Stephen Atkinson at BMO Capital Markets says the rising single-family housing market bodes well for Louisiana-Pacific. His firm has hiked its housing starts forecasts for this year and next, and Atkinson himself has upgraded shares of downtown-based LP (Ticker: LPX) to 'outperform' from 'market perform.' His $24 price target, however, isn't changing yet, leaving 20 percent of upside from where the stock opened Friday morning.
Here's another positive data point from the Middle Tennessee housing market — and by extension the region's banks, some of which are still busily scrubbing the loan portfolios. Our foreclosure rate fell for the seventh straight month in November, and the three-month delinquency rate dipped to 4.54 percent, a full point below year-end 2011's level. Check here for past months' numbers.
D.A. Davidson analyst Steve Chercover has taken "the uncomfortable step" of cutting his rating on shares of Louisiana-Pacific to 'underperform' from 'neutral' despite raising his profit estimates and price target. Chercover says the extreme bullishness surrounding LP and other players in the housing market has gone a little too far. LP shares (Ticker: LPX) are off about 2 percent in morning trading.
Quick, what does Nashville have in common with both L.A. and Des Moines?
All three were among the cities added last month to the Improving Markets Index run by the National Association of Home Builders and First American Title Insurance. Two-thirds of the country's metro areas are now esteemed members of that club.
“The IMI has almost doubled in the past two months as stronger demand during prime home buying season boosted prices across a broader number of metropolitan areas,” noted NAHB Chief Economist David Crowe. “Similar home price gains, and hence the IMI, may be tempered in the future as we see data from typically slower months for home sales.”
Nashville’s ranks 35th of 50 major metro areas on Clear Capital’s just-released Home Data Index Market Report.
The report (read here) forecasts housing strength for 2013 and uses an array of public and proprietary data sources. It notes home prices nationwide in 2012 finished the year strongly, rebounding from the market lows of early 2012.
Clear Capital is based in California.
Analyst Stephen Atkinson at BMO Capital Markets on Wednesday added to the optimism surrounding shares of Louisiana-Pacific. Prediciting a 20 percent jump in 2013 sales, Atkinson hiked his price target for LP shares (Ticker: LPX) to $24 from $18, leaving about 15 percent of upside from their current levels. Like others have said recently, Atkinson expects prices for oriented strand board to drop this year and next, but they'll still be high enough to power some serious profit growth.
John Perry at Deutsche Bank also has hiked his price target for Healthcare Realty Trust, but the REIT's outlook is nowhere near as bright as for LP. Perry's $24 target — up from $20 — is $1 below where Healthcare Realty (Ticker: HR) closed Wednesday's session, and he rates the stock — along with most of the other REITs he covers — a 'hold.'
The fundamentals in the housing market definitely support strong optimism, but the sentiment surrounding shares of Louisiana-Pacific seems to be getting a bit frothy these days. The stock (Ticker: LPX) is up more than 2 percent today, taking it near its April 2007 levels, and the technicals suggest there's plenty more upside.
On top of that, analysts have been ramping up their profit estimates of late: In the past two months, the consensus for the Q4 EPS number LP execs will report a month from now has gone to 16 cents from 11 cents. The outlook for all of 2013 is up 25 percent since Halloween.
The latest CoreLogic data on area foreclosures and mortgage loan delinquencies shows a big month-to-month drop in both. The foreclosure rate in October hit its lowest point since September of 2009, while the percentage of loans behind 90 days or more hadn't been that low since July of that year. CoreLogic's numbers reinforce several positive data points from other parts of the local housing market and suggest 2013 should see a pick-up in construction as well as a decent improvement in the finances of local banks that rely more heavily on mortgage lending.