More on this week's homebuilder downgrades

It's about lackluster demand and declining gross margins, says Credit Suisse analyst Daniel Oppenheim, pointing to his firm's monthly "buyer traffic index" survey. It fell two points in February at 36 and compares to a read of 65 in February 2013 and 62 a year before that. The 36 print is the lowest since February 2009 and missed expectations for 50.

"We expect the stocks to reflect these observations as macro housing data and homebuilder orders and gross margins come in short of expectations."

Wednesday: Credit Suisse pulls Buy ratings on Toll Brothers (TOL), PulteGroup (PHM), and William Lyons (WLH).

Monday: More downgrades


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