Industry News

Real estates stocks post mixed results

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Contrarians and bargain-hunters boosted the fortunes of three of the 10 real estate companies that comprise the hypothetical Inman Index in November. At the top of the chart was First American Financial, which opened Nov. 1 at $30.11 and closed Nov. 30 at $34.18, a gain of $4.07 per share, or 13.5 percent. Fidelity National Financial, meanwhile, rose from $15.09 to $15.62, a gain of 53 cents per share, or 3.5 percent, and home builder D.R. Horton ticked up from $11.75 to $11.97, a gain of 22 cents per share, or almost 2 percent. Alongside dramatic headlines about the downturn in the nation's housing markets, November was also ripe with lower third-quarter earnings results for real estate companies. First American reported net income of $46.6 million for the recent third quarter, a steep drop from net income of $90.4 million in the prior-year third quarter. Revenue for the recent period was $2.1 billion, or 49 cents per share, a 6 percent decrease compared with the prior-year...