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Hovnanian in $220M Private Debt Offering

Hovnanian Enterprises, Inc., Red Bank, N.J. (NYSE:HOV) on Wednesday announced a series of private offerings to exchange $220 million in senior notes with maturities ranging from 2015 to 2017 for new 2.00% senior secured notes due 2021. Read more

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Pending Home Sales Dip in August

The National Association of Realtors' Pending Home Sales Index (PHSI) took a turn downward in August, falling 1.2% to 88.6 from 89.7 in July but remained 7.7% ahead of August 2010. The Realtor group said the decline was due to "mixed" regional results, driven down by a decline in the Northeast, where a hurricane knocked out the last weekend of the month for home shoppers. However, the West and Midwest also showed declines. Read more

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Lennar Names Mantz Rialto President

Lennar Corp., Miami (NYSE:LEN) on Wednesday said it hired Jay Mantz, who headed the real estate investment unit at Morgan Stanley, to join the company's Rialto Capital Land Management unit as president. Lennar also said Bill Landis, who joined Rialto in 2008 as its chief investment officer, would become COO. Both men will report to Rialto CEO Jeff Krasnoff. Read more

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Mortgage Applications Rise, Purchases Up

Applications for home mortgages rose sharply last week, with the Mortgage Bankers Association's Market Composite Index jumping 9.3%, seasonally adjusted, from a week earlier, the MBA said Wednesday. The gain was driven primarily by refinancings, with the Refinance Index up 11.2% from the previous week. The seasonally adjusted Purchase Index increased 2.6%; unadjusted, it was up 2.2% and up 0.1% from the same week a year ago. Read more

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Home Prices Up for 4th Month

Single-family home prices notched their fourth straight month of increases in July, moving up 0.9% across the 20 major markets measured by the S&P/Case-Shiller Home Prices Indices released Tuesday morning. The 10- and 20-City Composite Indices were each up 0.9% in July over June, with 17 of the 20 MSAs recording positive monthly increases. Read more

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