Real Estate Market Showing Support Despite Interest Rate Hikes

NEW YORK, April 7, 2017 /PRNewswire/ --

The U.S housing market remains strong despite the Federal Reserve's decision to raise interest rate in March for the third time since December 2015. According to the National Association of Realtors (NAR), the Pending Home Sales Index, a leading indicator of future existing home sales, rose by 5.5 percent in February. The index is 2.6 percent higher compared with a year earlier and is at the highest level since last April. The NAR indicated that the potential for higher interest rates in the near future and the warm weather last month, helped boost the pending home sales in February. Holiday Island Holdings, Inc. (OTC: HIHI), BBX Capital Corporation (OTCQX: BBXT), Progreen US Inc. (OTCQB: PGUS), British Land Company (OTC: BRLAF), Hovnanian Enterprises, Inc. (NYSE: HOV).

Lawrence Yun, the chief economist of the NAR, stated, "Buyers came back in force last month as a modest, seasonal uptick in listings was enough to fuel an increase in contract signings throughout the country. The stock market's continued rise and steady hiring in most markets is spurring significant interest in buying, as well as the expectation from some households that delaying their home search may mean paying higher interest rates later this year."

Holiday Island Holdings, Inc. (OTC: HIHI) is a development stage company operating in the land development sector of the market. On April 4th the company announced, "that a regional rural medical/health services organization is opening a treatment facility at the Holiday Island Shopping Center.

Boston Mountain Rural Health Center (BMRHC) is a family and community health center with seven medical clinics located in medically underserved areas in northwest and central Arkansas. BMRHC offers a wide range of services for insured, uninsured, and underinsured patients.

BMRHC is leasing space beginning April 4, 2017 in the Holiday Island Clinic 1 that is one of two only health / medical facilities serving Holiday Island and the surrounding area. Their services include affordable family medicine, pediatric care, women's health, behavioral health, and nutrition services."

Gene Thompson, CEO of Holiday Island Holdings, said, "This development widely expands the health and medical services in the area. And, as previously announced, it is meaningful to our acquisition pursuit of Clinic 1, Clinic 11, and the Heliport."

Mr. Thompson continued to say that, "A successful acquisition of these medical clinics would immediately give the company high yield and occupancy income producing real estate properties and $1.5 million in fixed assets. Plus, it would give us a monopoly on the local medical services. The company's main goals for 2017 are to finalize a multi-million dollar fund raise and become a significant player in local commercial and residential markets at Holiday Island, Arkansas."

BBX Capital Corporation (OTCQX: BBXT) is a diversified holding company. Its real estate division, BBX Capital Real Estate, specializes in the development, operation, management, and investment in residential and commercial real estate and real estate lending. The principal operations consist of management of approximately $284 million in assets, including active investments, developments in master planned communities, multifamily rentals, single family and commercial assets, a diversified portfolio of performing and non-performing commercial and residential real estate loans, and a portfolio of real estate, including retail, multifamily rentals, industrial, office, medical office, student housing, residential and commercial land primarily in Florida.

Progreen US Inc. (OTCQB: PGUS), based in Bloomfield, Michigan, is engaged primarily with investments in agricultural and real estate projects in Baja California, Mexico, both through its joint venture partnership with Inmobiliaria Contel S.R.L.C.V. (Contel) as well as through its majority-owned Mexican subsidiary Procon Baja JV (Procon). Contel is now active in the high margin produce industry, growing crops for exporters to the US market, with an abundance of land available for expansion under our JV partnership. Procon has recently acquired 5,100 acres of land with 4.7 miles of oceanfront on the Bay of El Rosario, for which a master plan is being drawn for the development of a very large, totally green, international vacation and retirement community called 'Cielo Mar.'

British Land Company (OTC: BRLAF) is one of Europe's largest publicly listed real estate companies. The company owns, manages, develops and finances a portfolio of high-quality UK commercial property, focused on retail and London offices and residential. British Land and Oxford Properties developed and own The Leadenhall Building as an investment in a 50/50 joint venture formed in 2010. Earlier in March, British Land and Oxford Properties had exchanged contracts for the sale of The Leadenhall Building to C C Land for a headline price of £1.15 billion.

Hovnanian Enterprises, Inc. (NYSE: HOV) is one of the nation's largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia. The company's homes are marketed and sold under the trade names K. Hovnanian® Homes, Brighton Homes® and Parkwood Builders. As the developer of K. Hovnanian's® Four Seasons communities, the company is also one of the nation's largest builders of active lifestyle communities. Hovnanian Enterprises reported results for its fiscal first quarter on March 8th, 2017. Chief Executive Officer, Ara K. Hovnanian announced the payment of $320 million of maturing debt that limited the company's ability to invest in land during fiscal 2016. 

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