BIRMINGHAM, Ala., Sept. 21, 2010 (GLOBE NEWSWIRE) -- Four Star Holdings Inc.'s (OTCBB:FSTH) management gives a rebuttal to the testimony by Fed Chairman Bernanke where he said, "The housing market remains 'weak'." His focus was on national trends, but he did not mention any positive trends within certain U.S. sectors, specifically in the Birmingham, Alabama region where housing remains strong.
Among all the indicators discussed, the following five economic reports concur that Four Star is in the right part of the country for real estate development. Also a third party research report by Market Graphics Southeast (http://www.mgsoutheast.com/">http://www.mgsoutheast.com) shows that the Birmingham metropolitan area is anything but weak.
1) In the survey compiled by a California based researcher, Clear Capital (http://www.clearcapital.com/">http://www.clearcapital.com), Birmingham ranks among the nation's highest performing major markets. For the four months ended in June 2010, Birmingham area prices rose 18.2 percent compared to the previous three months. That's the fourth best quarterly boost in the nation. Combined with Birmingham being 3rd in the country in housing starts clearly indicates that Four Star Holdings, Inc.'s target building area is ripe for builders.
2) Similarly, the University of Alabama released a survey of 345 business executives across the state, which is the foundation for the Alabama Business Confidence Index. That survey indicates that the state is in an expansion - after 10 consecutive quarters of contraction. The index reached 51.6, which is up 2.1 points in the second quarter. "Given the successful forecasting history of the index, this should be a good indication that the recovery has taken hold," noted the officials from the University's Center for Business and Economic Research.
3) The St. Clair Times (One of the fastest growing counties near Birmingham) reports that if the U.S. Census Bureau estimates are correct, three St. Clair county municipalities are among the fastest growing in Alabama. Estimates released on the Census Bureau's web site show that Moody, Pell City, and Springville all grew more than 35% in the last 10 years.
4) CNN Money says congratulations to those who live in Birmingham, Alabama because "the housing tornado passed you by."
5) This population growth has been fueled by the great business climate in the Birmingham Metropolitan area. All signs point to a growing need for new homes. Indeed, Lawrence Yun, the chief economist at the National Association of Realtors, reported in June 2010 that he predicts a looming housing shortage by the end of 2011.
Fran Mize, President of Four Star Holdings, Inc. - the area's fourth largest home builder - says, "Even though we have a great deal of respect for Mr. Bernanke's achievements during our national time of crisis, those who are making decisions about local markets would do well not to use the same national brush to paint our local markets."
ABOUT CLEAR CAPITAL:
Delivers highly accurate and reliable valuations including Appraisals, Broker Price Opinions, Property Condition Inspections, Value Reconciliations and our powerful Home Data Index.
ABOUT FOUR STAR HOLDINGS, INC.
Four Star Holdings, Inc. (OTCBB:FSTH) is the 4th largest homebuilding company in the Birmingham area. The company operates in four segments, Land Acquisition, Land Development, Structural Community Planning including Homebuilding, and Realty Brokerage Services. The corporation is headquartered in Odenville, Alabama.
The Four Star Holdings, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7467
SAFE HARBOR STATEMENT
This Press Release contains or incorporates by reference "Forward-looking statements," including certain information with respect to plans and strategies of Four Star Holdings, Inc. For this purpose, any statements regarding this announcement, which are not purely historical, are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, including Four Star Holdings, Inc. beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof and based on information available to Four Star Holdings, Inc. as of such date. There are a number of important factors that could cause actual events or actual results of Four Star Holdings, Inc. and its subsidiaries to differ materially from those indicated by such forward-looking statement.