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A small 19th century church in Williamsburg that was once used as a synagogue will be demolished and replaced by two four-story apartment buildings, if the new owners plans go ahead.

A small 19th century church in Williamsburg that was once used as a synagogue will be demolished and replaced by two four-story apartment buildings, if the new owners plans go ahead. The quaint house of worship has sat on the corner of Leonard and Stagg streets since 1855, when it was built for a German congregation in what was then a German enclave in the borough.

Although the property is now the worse for wear and seemingly forgotten, its early 20th century tax photo shows an elegant Italianate building with neo-Classical details.

In February, the church, located at 157 Leonard Street, was sold by Action in Christ International to 157 Leonard Street LLC for $4 million, city records show. Joel Schwartz signed a mortgage for 157 Leonard St LLC.

A permit to demolish the building was applied for in September 2023, but has not been issued. Two new-building applications for the site, which includes the parking lot at 78 Stagg Street behind the church, have been submitted but neither permit has been issued yet. Both applications are for four-story apartment buildings; the one at 157 Leonard Street will have seven units and the one at 78 Stagg Street will have eight, the applications say.

Diego Aguilera Architects P.C. is the architect of record on both, and Hershey Silberstein of Blue Shine Builders Inc. is listed as the owner. No renderings have been posted on the construction fence or online.

Originally built as the German Evangelical Mission Church, in an area old maps show had a number of German businesses at the time, the structure started going up in the spring of 1855. The cornerstone was put in place in May, and in October the brick church was dedicated.

The buildings tall arched windows and doors were popular during the heyday of the Italianate style in the mid-19th century and also recall Romanesque Revival. The four pilasters across the front bring Greek Revival to the mix, and the front facades keystones are neo-Classical. Three stars of David on the roof and three more on the frieze, along with a plaque and a sign in Hebrew, identify the building as a synagogue. The cornice with its dentil molding and gable could be original or a later addition.

The church was substantially remodeled circa 1885 to 1895, and the congregation celebrated its 50th anniversary in 1903. Around the time of the celebration, a great number of Jewish families from the east side of Manhattan moved over to Brooklyn and settled in the immediate vicinity of the church, while the German congregants moved to other parts of the city, according to an early 20th century newspaper account of the church history. With a dwindling congregation, the church moved to Ridgewood in 1904 and laid the cornerstone for a new building there in 1907.

From at least 1903 through 1915, space in the basement of the church at 157 Leonard Street was rented for use by the local public school. During that time the ownership of the building changed, and by 1914 the Congregation Lovers of Peace Synagogue (also known as Ohev Sholom Anshei Sfard) was occupying the former church. The synagogue owned the property until 1970 when it transferred the deed to the building to the School of Biblical Instruction of Brooklyn (also known as Beth Talmud De Tora Brooklyn). In 1993, the school transferred the deed to Marcos Miranda of Action in Christ Church for $80,000.

Across the road from the church is Brooklyns oldest NYCHA development, Williamsburg Houses, which was built in the 1930s.

The Leonard Street church is the latest in a years-long building sell off by churches all over the borough, which have faced declining attendance and deteriorating structures while property values have skyrocketed. Many have been demolished for new housing, including the recently torn down St. Lucy-St. Patrick in Bed Stuy, but in some cases buildings are altered or extended, and occasionally preserved and adapted for new uses.

[Photos by Susan De Vries unless noted otherwise]

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Apartments to Replace 19th Century Church in Williamsburg - Brownstoner

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If you're looking to remodel your kitchen or bath this year, there are many companies to choose from to guide you through the process. One Utah family-owned company led by three brothers offers nearly 50 years of combined experience.

"We've always been a family business, even back in 1976 before we were called Bedrock Quartz," said Alan Jorgensen, CEO. "Ever since we were young enough to help, our dad had us working on jobs and perfecting our countertop fabrication and installation skills."

Today the Jorgensen brothers run one of the largest stone fabrication companies in Utah, with over 160 employees and the investment in technology and capacity to install, on average, 30 kitchens per day. What the company is really known for, however, is its service.

"At Bedrock Quartz, we are customer obsessed," said Eric Jorgensen, president of operations. "We've designed our company to provide unmatched customer care. Our stone technicians are on-time, friendly, and professional, which has earned us over a thousand five-star reviews on multiple independent review sites. And if it's speed you want, we offer a seven-day turnaround from template to installation."

You won't have to travel far to find a Bedrock Quartz showroom, where you can see beautiful countertop and tile options in person. "Last year, we opened two new showrooms in Murray and Spanish Fork in addition to our West Jordan, Layton, Pleasant Grove, and St. George locations to better serve our customers," said Steve Jorgensen, production channel manager. "And our Park City location will be opening soon."

Bedrock Quartz provides high quality products, made by in-house teams and delivered through a smooth, on-time and accurate installation process. And countertops aren't the only thing Bedrock Quartz provides. "We are a one-stop shop, offering sinks, faucets, backsplashes, plumbing, tear outs, and wall and floor tile," Jorgensen said.

If you want 2024 to be a time for self-improvement, new beginnings and positive changes remodeling your kitchen aligns perfectly with those ideals, allowing you to create a space that reflects your style and family life. Studies show that kitchen and bath improvements are the best investment a homeowner can make in maximizing home value.

Choose a Utah-based, family-owned company you can trust to guide you in that process. Bedrock Quartz employees are your friends and neighbors who will ensure your remodel goes as smoothly as possible.

"We hope the thousands of positive reviews speak to the quality of our work," added Alan Jorgensen. "We strive for excellence in customers' experience, from the first showroom visit to the installation. We want our customers to be thrilled."

As you embark on this transformative journey, remember that a revitalized kitchen improves daily life, and creates a space for your family to gather and make memories that will last forever.

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Utah brothers bring 50 years of experience to kitchen remodels - KSL.com

When you see that almost half of the companies in the Trade Distributors industry in the United States have price-to-sales ratios (or "P/S") above 1.4x, Beacon Roofing Supply, Inc. (NASDAQ:BECN) looks to be giving off some buy signals with its 0.7x P/S ratio. However, the P/S might be low for a reason and it requires further investigation to determine if it's justified.

See our latest analysis for Beacon Roofing Supply

Beacon Roofing Supply's revenue growth of late has been pretty similar to most other companies. It might be that many expect the mediocre revenue performance to degrade, which has repressed the P/S ratio. If you like the company, you'd be hoping this isn't the case so that you could pick up some stock while it's out of favour.

There's an inherent assumption that a company should underperform the industry for P/S ratios like Beacon Roofing Supply's to be considered reasonable.

Taking a look back first, we see that the company managed to grow revenues by a handy 8.2% last year. Pleasingly, revenue has also lifted 50% in aggregate from three years ago, partly thanks to the last 12 months of growth. So we can start by confirming that the company has done a great job of growing revenues over that time.

Turning to the outlook, the next three years should generate growth of 2.9% per annum as estimated by the analysts watching the company. Meanwhile, the rest of the industry is forecast to expand by 6.1% each year, which is noticeably more attractive.

With this in consideration, its clear as to why Beacon Roofing Supply's P/S is falling short industry peers. Apparently many shareholders weren't comfortable holding on while the company is potentially eyeing a less prosperous future.

Using the price-to-sales ratio alone to determine if you should sell your stock isn't sensible, however it can be a practical guide to the company's future prospects.

As we suspected, our examination of Beacon Roofing Supply's analyst forecasts revealed that its inferior revenue outlook is contributing to its low P/S. Shareholders' pessimism on the revenue prospects for the company seems to be the main contributor to the depressed P/S. It's hard to see the share price rising strongly in the near future under these circumstances.

There are also other vital risk factors to consider before investing and we've discovered 1 warning sign for Beacon Roofing Supply that you should be aware of.

Of course, profitable companies with a history of great earnings growth are generally safer bets. So you may wish to see this free collection of other companies that have reasonable P/E ratios and have grown earnings strongly.

Find out whether Beacon Roofing Supply is potentially over or undervalued by checking out our comprehensive analysis, which includes fair value estimates, risks and warnings, dividends, insider transactions and financial health.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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Insufficient Growth At Beacon Roofing Supply, Inc. (NASDAQ:BECN) Hampers Share Price - Simply Wall St

THE WOODLANDS, Texas, March 21, 2024 /PRNewswire/ -- As the chill of winter begins to fade away and spring emerges, homeowners in Houston, Spring and The Woodlands area are turning their attention to the maintenance of their properties.

Recognizing the importance of post-winter roof inspections and repairs, Guardian Roofing is proud to announce its Spring Roofing Renewal campaign, offering a suite of services designed to ensure roofs are ready to withstand the upcoming storm season and beyond.

With years of roofing experience serving the Houston and surrounding communities of Spring, Tomball, Magnolia, Cypress and The Woodlands, Guardian Roofing understands the unique challenges that local homeowners face when it comes to maintaining their roofs. The company's "Spring Roofing Renewal campaign" emphasizes the following key services:

Post-Winter Roof Inspections: Our team of experienced roofing professionals will conduct thorough inspections to assess any damage caused by winter weather, including leaks, cracks, and loose shingles. Identifying and addressing these issues early can prevent further damage and prolong the lifespan of the roof.

Roof Repairs: From minor repairs to major overhauls, Guardian Roofing is equipped to handle any roofing issue with precision and expertise. Whether it's replacing damaged shingles, sealing leaks, or repairing flashing, our skilled technicians will ensure that your roof is restored to optimal condition.

Roof Cleaning: Over the winter months, roofs can accumulate debris, moss, and algae, compromising their appearance and integrity. Our roof cleaning services will remove unsightly buildup and prevent potential damage, restoring your roof's beauty and functionality.

Gutter Maintenance: Clogged gutters can lead to water backup, causing damage to both the roof and the home's foundation. Our gutter maintenance services include thorough cleaning, inspection, and repair, ensuring that rainwater is properly diverted away from your property.

Storm Season Preparation: With the storm season approaching, now is the time to fortify your roof against the elements. Our team will reinforce vulnerable areas, such as flashing and seals, and provide recommendations for additional protective measures to minimize the risk of storm damage.

"At Guardian Roofing, we understand that a well-maintained roof is essential for protecting your home and family," said John Despeaux, Owner and Military Veteran at Guardian Roofing. "Our Spring Roofing Renewal campaign is designed to help homeowners in Houston prepare their roofs for the challenges of the upcoming season, ensuring peace of mind and long-term durability."

To learn more about Guardian Roofing's Spring Roofing Renewal campaign and schedule your complimentary roof inspection, visit https://www.guardianroofingtexas.com/ or contact 832-998-3458.

About Guardian Roofing:

Guardian Roofing is a leading roofing company serving homeowners in The Woodlands and the surrounding Houston areas. With a commitment to quality craftsmanship, exceptional customer service, and innovative roofing solutions, we strive to exceed our customers' expectations on every project.

SOURCE Guardian Roofing

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Guardian Roofing prepares Houston Homes for Spring with Comprehensive Roofing Renewal Services - PR Newswire

There's cosmic treasure to be found in the unlikeliest of places. Amber Spyglass

Think finding a needle in a haystack sounds hard?Try finding tiny rocks from space as small as a grain of sand inside piles of dust and debris strewn across the roofs of cathedrals.

That's the daunting task some planetary scientists are taking on in the United Kingdom, The Guardian reports, with the goal of studying this cosmic dust basically micrometeorites in an effort to better understand the chemical composition of meteors, asteroids and comets, and perhaps unlock clues to the early history of Earth and the Solar System.

An estimated 5,200 tons of extraterrestrial cosmic dust, micrometeorites, survive their fiery entry into Earth each year, according to the news outlet. They are more easily found in pristine wildernesses like Antarctica, but an expedition to the South Pole is very expensive.

Instead, scientists have been turning to the roofs of old churches like Canterbury Cathedral, because they have large roof areas and are mostly undisturbed from human activity, making them attractive places for hunting micrometeorites.

To prevent contamination of this cosmic dust, which range in size from 50 microns to two millimeters, scientists use protective clothing while vacuuming these roofs.

Later, they go back to the lab and sift through these piles of debris and, let's face it, bird poop under a microscope to find and collect micrometeorites for further study.

The idea of cosmic secrets hiding in interstellar dust at an ancient cathedral is poetic, not to mention strikingly similar to the plot of Philip Pullman's "His Dark Materials" trilogy.

But it's real science.Many scientists suspect that material from meteors whether in the form of cosmic dust landing on Earth or as larger rocks carried rare minerals and chemical compounds that helped seed biological life on our planet during its early history.

"There was more dust coming to Earth, maybe 1,000 times more dust, than today," United Kingdom's Open University lecturer in planetary science Martin Suttle told The Guardian."That dust carries lots of stuff which is attractive as a feedstock for early prebiotic chemistry, things like iron metal, which is otherwise not present on the Earths surface."

He co-authored apaper that was recently published in Nature Astronomy that delved into how dust from extraterrestrial sources may have acted as fertilizer for life on Earth.

To think that so much rides on a tiny rock it's astonishing.

More on meteorites: Weird Meteorite Appears to Have Left Earth and Then Come Back

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Scientists Searching Roofs of Ancient Cathedrals for Strange Cosmic Dust - Futurism

A1 Roofing is a paid sponsor of Sonoran Living

A1 Roofing, a distinguished second-generation roofing company, represents a legacy that transcends the ordinary boundaries of business, intertwining exceptional quality with a profound commitment to community and sustainability. Under the stewardship of the current owner, who learned the art of roofing from his father, the company embodies a rich tapestry of skills and values passed down through generations.

This generational expertise is evident in every aspect of A1 Roofing's operations. The company specializes in a wide range of services, from minor repairs to full roof replacements, applying the time-honored techniques and wisdom inherited from the owner's father. Their approach to roofing combines traditional craftsmanship with modern innovation, ensuring each project not only meets but exceeds industry standards.

Quality is the cornerstone of A1 Roofing's philosophy. They meticulously select the finest materials and employ the latest techniques to ensure every roof is not just a structure but a lasting testament to their commitment to excellence. This dedication to quality goes hand in hand with their commitment to sustainability. A1 Roofing adopts eco-friendly practices, from using sustainable materials to implementing energy-efficient roofing solutions, minimizing their environmental footprint while providing durable and effective roofing.

Beyond their technical prowess, A1 Roofing's deep-rooted connection to the community is what truly sets them apart. Understanding that their success is intertwined with the well-being of the community, they actively engage in local initiatives and charitable endeavors. Whether it's sponsoring youth sports teams, participating in community clean-ups, or offering pro bono services to those in need, A1 Roofing's presence is felt beyond the realms of roofing.

The company also prioritizes transparency and integrity, values instilled by the owner's father. They believe in honest assessments and clear communication, ensuring clients are well-informed and comfortable throughout the roofing process. This approach has fostered a strong bond of trust between A1 Roofing and their clients, making them not just a service provider but a trusted community partner.

Moreover, A1 Roofing is committed to continuous learning and adaptation. They stay abreast of the latest trends and technologies in roofing, ensuring their methods are not only effective but also relevant to contemporary needs. This forward-thinking mindset, coupled with their historical knowledge, allows them to offer solutions that are both innovative and grounded in proven techniques.

In conclusion, A1 Roofing stands as a paradigm of a second-generation roofing company that blends traditional craftsmanship with modern sensibilities. Their commitment to quality, community involvement, sustainability, and integrity makes them more than just a roofing business. They are a legacy of excellence, a beacon of community support, and a model of environmental responsibility. For those seeking roofing services that embody these values, A1 Roofing invites you to visit their website at a1roofingaz.com, where they continue to build roofs and relationships with equal care and dedication.

Enter Spring Home Makeover Sweepstakes now!

You can win a 15-thousand dollar roof replacement, repair or upgrade from A1 Roofing!

Visit abc15.com/A1roofing for details

Special Offer A1 Roofing $89 Roof Tune Up! (480) 349-9726 A1roofingaz.com info@a1roofingaz.com

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Your chance to win a roof, repair or replacement - ABC15 Arizona in Phoenix

Nordea Investment Management AB trimmed its position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN Free Report) by 1.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 191,811 shares of the companys stock after selling 3,685 shares during the period. Nordea Investment Management AB owned about 0.30% of Beacon Roofing Supply worth $16,828,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Advisor Group Holdings Inc. lifted its position in shares of Beacon Roofing Supply by 37.5% in the 1st quarter. Advisor Group Holdings Inc. now owns 1,101 shares of the companys stock worth $65,000 after purchasing an additional 300 shares during the period. Raymond James & Associates boosted its position in Beacon Roofing Supply by 11.6% during the 1st quarter. Raymond James & Associates now owns 13,449 shares of the companys stock valued at $797,000 after acquiring an additional 1,397 shares in the last quarter. Raymond James Financial Services Advisors Inc. bought a new stake in Beacon Roofing Supply during the 1st quarter valued at approximately $317,000. AlphaCrest Capital Management LLC grew its holdings in shares of Beacon Roofing Supply by 4.0% during the 1st quarter. AlphaCrest Capital Management LLC now owns 7,063 shares of the companys stock worth $419,000 after acquiring an additional 273 shares during the period. Finally, Bank of Montreal Can raised its position in shares of Beacon Roofing Supply by 27.0% in the 1st quarter. Bank of Montreal Can now owns 10,659 shares of the companys stock worth $665,000 after acquiring an additional 2,267 shares in the last quarter.

BECN has been the topic of a number of recent research reports. Stifel Nicolaus upped their target price on shares of Beacon Roofing Supply from $115.00 to $119.00 and gave the stock a buy rating in a research report on Tuesday, December 19th. JPMorgan Chase & Co. dropped their price target on Beacon Roofing Supply from $103.00 to $97.00 and set an overweight rating on the stock in a research report on Thursday, January 11th. William Blair raised Beacon Roofing Supply from a market perform rating to an outperform rating in a research report on Monday, January 8th. Robert W. Baird raised Beacon Roofing Supply from a neutral rating to an outperform rating and lifted their price target for the stock from $99.00 to $115.00 in a research report on Thursday, February 29th. Finally, StockNews.com upgraded shares of Beacon Roofing Supply from a hold rating to a buy rating in a research note on Wednesday, February 28th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the companys stock. According to data from MarketBeat.com, Beacon Roofing Supply currently has an average rating of Moderate Buy and an average price target of $94.45.

NASDAQ:BECN opened at $94.05 on Thursday. The company has a market cap of $5.97 billion, a PE ratio of -200.11, a price-to-earnings-growth ratio of 1.55 and a beta of 1.62. The company has a current ratio of 1.85, a quick ratio of 1.06 and a debt-to-equity ratio of 1.30. The company has a 50 day simple moving average of $85.76 and a two-hundred day simple moving average of $81.38. Beacon Roofing Supply, Inc. has a 12 month low of $54.60 and a 12 month high of $94.61.

Beacon Roofing Supply (NASDAQ:BECN Get Free Report) last posted its earnings results on Tuesday, February 27th. The company reported $1.47 earnings per share for the quarter, missing analysts consensus estimates of $1.69 by ($0.22). Beacon Roofing Supply had a net margin of 4.74% and a return on equity of 26.95%. The firm had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.27 billion. During the same period in the prior year, the company posted $1.18 EPS. The firms revenue was up 16.8% compared to the same quarter last year. Research analysts forecast that Beacon Roofing Supply, Inc. will post 7.86 earnings per share for the current year.

(Free Report)

Beacon Roofing Supply, Inc, together with its subsidiaries, engages in the distribution of residential and non-residential roofing materials, and complementary building products to contractors, home builders, building owners, lumberyards, and retailers in the United States and Canada. The company offers pitched roofing and low slope roof products; gutters and sidings; building materials, such as lumber and composite, skylights and window, plywood and OSB, decking and railing, and HVAC products; and foam board, spray foam, roll, batt, mineral wool, fiberglass, and commercial insulation products, as well as radiant barriers and blown-in insulation and equipment.

Want to see what other hedge funds are holding BECN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Beacon Roofing Supply, Inc. (NASDAQ:BECN Free Report).

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Nordea Investment Management AB Sells 3685 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) - Defense World

TOPEKA Governor Laura Kelly announced today that GAF, a Standard Industries company and North Americas largest roofing and waterproofing manufacturer, will invest more than $300 million in Newton by constructing a new shingle plant. The estimated 275,000-square-foot facility will create more than 130 high-skilled manufacturing jobs in management, engineering, and operations.

GAFs expansion into Kansas once again showcases our status as a national leader in advanced manufacturing, Governor Laura Kelly said. The companys innovative production methods and proven track record of community involvement make it an ideal partner for Newton and the entire state.

GAF has more than 4,800 employees and operates in 30 locations across the U.S. producing commercial and residential roofing and waterproofing products and services for customers throughout North America. The Kansas Logistics Parks in Newton will be the companys first location in Kansas.

With one in four homes in the United States protected by a GAF roof, this investment enables the company to add residential roofing manufacturing capacity and enhance best-in-class service to customers nationwide.

Construction is expected to begin in June 2024, with production anticipated to begin in 2027. The company expects to reach full production capacity by mid-2029.

Diversifying our state economy has been a focus of the Kelly-Toland Administration since Day One, Lieutenant Governor and Secretary of Commerce David Toland said. The career opportunities this will provide for Kansans right now and for future generations will help us continue our unprecedented economic growth by keeping more of our young talent right here at home.

Newton and Harvey Countys talented workforce, location relative to other GAF operations, and proximity to major highways and railways made the investment ideal for the company.

This new facility allows us to meet growing customer demand for our market-leading roofing products and expands our ability to innovate as we look to the future, GAF CEO John Altmeyer said. We are excited to work with city and state officials throughout this process to build a state-of-the-art factory that will generate new, good-paying jobs and support the greater Newton area through meaningful community involvement.

GAF Community Matters, the companys social impact initiative, focuses on making a positive difference as neighbors and partners in the community by leveraging roofing expertise, resources, and products to help build resilient communities.

We are thrilled to welcome GAF and the opportunities they are bringing to our community, Newton Mayor Rod Kreie said. The greater Newton area offers a strong pipeline of talent, and were excited about the significant economic and community impact GAFs expansion will bring. GAF has been an excellent partner throughout the process, and we thank all those who played a role in helping bring this opportunity to Newton.

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Governor Kelly Announces North America's Largest Roofing Manufacturer to Invest More than $300M; Create More ... - Sunflower State Radio

ATTLEBORO The new $259 million Attleboro High at 1 Blue Pride Way stands tall and proud as the citys flagship school.

And while the school department struggles with an underfunded budget of at least $10 million, the track at the high school, which was not part of the new construction, is beginning to wear away.

School maintenance chief Jason Parenteau said the base is still solid but the top is developing divots which will have to be repaired or replaced soon if the city does not want to replace the whole track.

The $3.3 million football field and track were completed in September 2013 in time for the Blue Bombardiers opening football game.

Parenteau estimated it would cost about $325,000 to repair.

The base is in very good shape, he said. It will be 24 months before its impacted. Its not a crisis.

And Parenteau said at least two schools have leaks in their roofs.

Thacher Elementary and Coelho Middle have leaks where old meets new, he said. Both were renovated in the 1990s and both had additions put on.

At Thacher, there are major leaks in what is known as the pavilion.

During a tour provided by Parenteau and Finance Manager Marc Furtado, city councilors got to see the leaks for themselves because it was raining when they got there.

In fact, a new leak was discovered and someone had to place a wastebasket under it to catch the drips.

All told there were five buckets of some kind catching water.

Theres a lot of water in the pavilion, Parenteau said. The roof is leaking where the additions are. Were chasing leaks on a regular basis.

At Thacher, cracks are emerging in the floors, again where old meets new.

At Coelho, there is what is known as a ballasted roof, which means it has stony surface.

The water is reaching some of the metal beams and rust is developing.

Its tough chasing leaks on that kind of surface, Parenteau said.

This kind of roofing is very difficult to maintain, he said. You cant tell where the leaks are.

And meanwhile, some of the fiberglass skylights in both schools are starting to yellow from exposure to the sun.

George W. Rhodes can be reached at 508-236-0432.

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Attleboro High track, roofs at two other schools need repairs - The Sun Chronicle

A lack of existing inventory that continues to drive buyers to new home construction, coupled with strong demand and mortgage rates below last falls cycle peak helped push builder sentiment above a key marker in March.

Builder confidence in the market for newly built single-family homes climbed three points to 51 in March, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released today. This is the highest level since July 2023 and marks the fourth consecutive monthly gain for the index. It is also the first time that the sentiment level has surpassed the breakeven point of 50 since last July.

Buyer demand remains brisk and we expect more consumers to jump off the sidelines and into the marketplace if mortgage rates continue to fall later this year, said NAHB Chairman Carl Harris, a custom home builder from Wichita, Kan. But even though there is strong pent-up demand, builders continue to face several supply-side challenges, including a scarcity of buildable lots and skilled labor, and new restrictive codes that continue to increase the cost of building homes.

With the Federal Reserve expected to announce future rate cuts in the second half of 2024, lower financing costs will draw many prospective buyers into the market, said NAHB Chief Economist Robert Dietz. However, as home building activity picks up, builders will likely grapple with rising material prices, particularly for lumber.

With mortgage rates below 7% since mid-December per Freddie Mac, more builders are cutting back on reducing home prices to boost sales. In March, 24% of builders reported cutting home prices, down from 36% in December 2023 and the lowest share since July 2023. However, the average price reduction in March held steady at 6% for the ninth straight month. Meanwhile, the use of sales incentives is holding firm. The share of builders offering some form of incentive in March was 60%, and this has remained between 58% and 62% since last September.

Derived from a monthly survey that NAHB has been conducting for more than 35 years, the NAHB/Wells Fargo HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months as good, fair or poor. The survey also asks builders to rate traffic of prospective buyers as high to very high, average or low to very low. Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.

All three of the major HMI indices posted gains in March. The HMI index charting current sales conditions increased four points to 56, the component measuring sales expectations in the next six months rose two points to 62 and the component gauging traffic of prospective buyers increased two points to 34.

Looking at the three-month moving averages for regional HMI scores, the Northeast increased two points to 59, the Midwest gained five points to 41, the South rose four points to 50 and the West registered a five-point gain to 43.

HMI tables can be found at nahb.org/hmi. More information on housing statistics is also available at Housing Economics PLUS (formerly housingeconomics.com).

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Builder Sentiment Rises Above Breakeven Point | NAHB - National Association of Home Builders