Golden West Homes: Facing a cooling market...
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Golden West Homes: Facing a cooling market for home-building companies’ stocks, the company said it will postpone its proposed $14.7-million initial public offering for about two months while it considers other potential sources of financing.
The Orange County manufactured-housing company said that the Standard & Poor’s index of home-builder stocks has fallen 15.3% since May 1, while the S&P; 500 Index has risen 1.1%--a clear indication that investors have soured on housing companies in the wake of rising interest rates.
Golden West filed in April to sell 1.8 million shares at $7 to $9 apiece through an underwriting group led by Wedbush Morgan Securities. The company planned to use proceeds to provide financing for home buyers, repay debt and equip a recently purchased factory.
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