REAL ESTATE
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Some Good News: Barbara Allen, housing guru for Kidder, Peabody & Co. in New York, says two publicly traded Southland residential firms are reporting some positive news these days.
Kaufman & Broad Homes in Los Angeles reports that sales for its first quarter are running 20% ahead of last year’s, she said. A lot of those sales are in the company’s Southeast division, headquartered in Anaheim.
And Standard Pacific LP in Costa Mesa reported a 39% hike in fourth-quarter sales, Allen said. “But more important, they are reporting that the rate of cancellations is declining, and that’s good news” because more sales contracts turning into closed escrows mean that new buyers are better prepared financially than in the past.
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