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The Company is a geographically diversified builder of single-family attached and detached homes and constructs homes within a range of price and size targeting a range of homebuyers.
SPF was on the brink of bankruptcy back in 2008, forcing them to dilute shareholders by raising equity. Now it's a $1.2B company?!?They have continued to post losses for most of the last 4 years, but the market is rewarding them handsomely for recently climbing back to breakeven.Along with Hovnanian and possibly Beazer, I expect Standard Pacific to be hit hard in the next selloff. They are lower quality homebuilders and overpriced compared to book value.
XHB (Homebuilders Index) is down 2% over the past month, SPF is down 8%, HOV is down 18% and BZH is down 32%. I expect this trend to continue.
But...ummm...they're making money now, aren't they?
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