Los Angeles Business Journal

Report Boosts Housing Stocks

By Deborah Crowe Thursday, August 16, 2012

Shares of local homebuilders rose Thursday after the U.S. Commerce Department reported that building permits, an indicator of future construction, rose 6.8 percent to a seasonally adjusted annual rate of 812,000.

That’s the most since August 2008, according to Bloomberg News.

On the New York Stock Exchange, Ryland Group Inc. closed up 7 percent to $26.14 and KB Home gained 5.5 percent to $10.78