iShares U.S. Home Construction ETF

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  • Wed, Jan. 27, 10:22 AM
    • December new home sales at a seasonally adjusted annualized rate of 544K were up 10.8% from November and 9.9% from a year ago. December expectations had been for just 500K.
    • Full-year new home sales of 501K were the best since 2007, and up from 437K in 2014 - though still near levels in the past one would have associated with recessions.
    • The 10-year Treasury yield has nudged up to 2.03% following the strong print, and the homebuilders (ITB, XHBdown about 0.4% vs. the S&P 500's 0.65% decline.
    | Wed, Jan. 27, 10:22 AM | 11 Comments
  • Mon, Jan. 25, 11:50 AM
    • "Texas is in good shape," says D.R. Horton (DHI -3.5%) CEO David Auld, speaking on the earnings call (reported by Diana Olick). "We have a positive tone because we're seeing positive things out there in the market." Auld also takes note of DHI's cheaper "Express" brand, which he says is driving market share gains.
    • The stock is lower despite an earnings beat, with investors perhaps focusing on slowing price gains (sales orders up 9%, dollar amount up 12%).
    • Other names: Hovnanian (HOV -4.6%), Toll Brothers (TOL -3.4%), Lennar (LEN -3.4%), PulteGroup (PHM -3.1%), KB Home (KBH -3.8%).
    • ETFs: ITB, XHB
    | Mon, Jan. 25, 11:50 AM | 4 Comments
  • Fri, Jan. 22, 10:12 AM
    • Fans of the National Association of Realtors and the group's data releases will remember November existing home sales plunged thanks to new D.C. rules which pushed out some closings ... Apparently into December, where the 14.7% gain was the biggest monthly surge on record.
    • On balance, the trend in sales remains modestly higher.
    • ITB +4.3%, XHB +4.1%
    | Fri, Jan. 22, 10:12 AM | 1 Comment
  • Wed, Jan. 20, 9:08 AM
    • December housing starts at a seasonally adjusted annualized rate of 1.149M were down 2.5% from November, but up 6.4% from a year ago. SIngle-family starts of 768K fell 3.3% M/M.
    • Building permits of 1.232M fell 3.9% from November, and gained 14.4% from a year ago.
    • For all 2015, housing starts of 1.11M was the highest number since the financial crisis, and up 10.8% from 2014. Despite the big gains, a look at a longer-term chart from Bill McBride shows single-family starts at a level which in the past was roughly associated with recessions.
    • Homebuilder ETFs: ITB, XHB
    | Wed, Jan. 20, 9:08 AM | 1 Comment
  • Tue, Jan. 12, 11:40 AM
    • The XHB's (and ITB's) roughly 10% decline during the year's first week is overdone, says Goldman, especially considering there's been little change in housing fundamentals. Plus, the risks many are worried about - the crashing oil price and China slowdown - if anything, could be a net positive for U.S. housing.
    • Alas, after strong opens, the housing names are once again in the red:
    • Lennar (LEN -1.4%), Hovnanian (HOV -3.2%), KB Home (KBH -3.9%), Toll Brothers (TOL -1.9%), PulteGroup (PHM -1.6%), DR. Horton (DHI -0.6%)
    | Tue, Jan. 12, 11:40 AM | 12 Comments
  • Thu, Jan. 7, 3:17 PM
    • KB Home (KBH -12.8%) attempted to bounce following a sharply lower open on the back of an earnings miss, but has fallen to new session lows. Among snippets from the earnings call:
    • The company sees FQ1 (ends Feb. 29) homebuilding revenue of $600M-$660M vs. consensus of $700M. Gross margin of 16%.
    • Low price points in Houston are moving, but high-end housing has hit a wall.
    • The company is beginning to see "boomerang" buyers - those who were foreclosed on post-crisis, but are back buying again.
    • Previously: KB Home modestly lower after earnings miss (Jan. 7)
    • ETFs: ITB -3.8%, XHB -3.1%
    | Thu, Jan. 7, 3:17 PM | 2 Comments
  • Dec. 23, 2015, 10:06 AM
    • In addition to November's new home sales coming in at a seasonally adjusted annualized rate of 490K (vs. 505K expected), October's 495K pace was revised lower to 470K.
    • Full report
    • Sales slipped in the Northeast and Midwest, but gained in the South and West.
    • The homebuilder ETFs are unfazed, with ITB +0.6% and XHB +0.4% - both about the same as before the report.
    • The 10-year Treasury yield is up two basis points to 2.26%.
    | Dec. 23, 2015, 10:06 AM | 3 Comments
  • Dec. 22, 2015, 10:09 AM
    • Existing home sales dove to their slowest pace in 19 months in November, says the NAR, with the seasonally adjusted annualized rate falling 10.5% to 4.76M. The decline last month was the largest since July 2010.
    • Full report
    • Putting a positive spin on the lame print, NAR's Larry Yun suggests the new Know Before You Owe rule has led to longer closing times. With signed contracts remaining mostly steady in recent months, it's possible some closings set for November may have been pushed into December.
    • Nevertheless, there's been a clear tick downward in the homebuilders since the report came out a few minutes ago. ITB and XHB -0.65%
    • Previously: Big miss for existing home sales (Dec. 22)
    | Dec. 22, 2015, 10:09 AM | 9 Comments
  • Dec. 16, 2015, 9:50 AM
    • The seasonally-adjusted annualized rate of housing starts in November of 1.173M was up 10.5% from October and 16.5% from a year ago. Single-family starts of 768K gained 7.6% from October.
    • Building permits of 1.289M gained 11% M/M and 19.5% Y/Y. SIngle-family permits of 723K gained just 1.1% from last month.
    • The South was a particular area of strength, with housing starts in that region of 615K up from 507K in October. SIngle-family starts there of 409K gained from 376K.
    • The major average are up modestly, but the ITB is ahead 1.5%, and XHB +1.25%.
    • Individual names: Toll Brothers (TOL +1.8%), Lennar (LEN +1.7%), Pulte (PHM +1.5%), KB Home (KBH +0.9%), D.R. Horton (DHI +1.6%), Hovnanian (HOV -1.8%)
    | Dec. 16, 2015, 9:50 AM | 7 Comments
  • Nov. 16, 2015, 3:16 PM
    • Spring is the season for home sales, but it's the November-January period that's rally time for homebuilder stocks, says KBW, the team noting 75% of homebuilder returns occur during this period.
    • Homebuilders, they say, historically outperform the market by 1.4% in November, 6.2% in December, and 6.4% in January.
    • The reason isn't too difficult: Markets anticipate, and homebuilding stock buying comes ahead of heavier homebuyer activity.
    • The team's favorite name is Lennar (LEN +2%) thanks to its best-in-class platform and ancillary businesses. D.R. Horton (DHI +1.9%) is also well-positioned given its broad presence and operating leverage, and KB Home's (KBH +1.6%) California exposure and relative valuation puts it in a good spot.
    • ETFs: ITB. XHB
    | Nov. 16, 2015, 3:16 PM | 1 Comment
  • Nov. 11, 2015, 12:31 PM
    • Yesterday's earnings beat and big move higher from D.R. Horton (NYSE:DHI) spread through the entire sector, and today is seeing plenty of follow-through, with DHI up another 3.2%.
    • Reporting on the UBS conference today, the WSJ's Kris Hudson says Toll Brothers CEO Doug Yearly sounds coy about the upcoming spring selling period, telling attendees he's not pessimistic, but doesn't yet see an impetus pointing to a great season.
    • Of supposed slowing of international buying on the West Coast: "We haven't yet personally seen any negative impact."
    • ITB +1.75%, XHB +0.9%
    • Hovnanian (HOV +5.6%), PulteGroup (PHM +1.3%), Lennar (LEN +2.3%), KB Home (KBH +2.5%), Beazer (BZH +5.9%)
    • Previously: More on D.R. Horton's FQ4 beat (Nov. 10)
    | Nov. 11, 2015, 12:31 PM | 10 Comments
  • Nov. 10, 2015, 12:15 PM
    • D.R. Horton is up 6.8% after cruising through FQ4 estimates, with orders, backlogs, and closings all up smartly, but prices up only modestly. Pre-tax margin gained 60 basis points to 10.7%, and the company boosted its quarterly dividend by two pennies to $0.08 per share (1% yield).
    • Bears might note the beat was helped along by a $17.5M benefit from the company's DTA, but the bulls control the tape today.
    • With the major averages in the red, the homebuilder ETF is up sharply, ITB +1.4%. More focused on industry suppliers, the XHB is up 0.4%.
    • Toll Brothers (TOL +1.7%), PulteGroup (PHM +2.4%), Lennar (LEN +1.5%), Ryland (RYL), KB Home (KBH +2.3%), Hovnanian (HOV -0.8%).
    • Previously: More on D.R. Horton's FQ4 beat (Nov. 10)
    • Previously: D. R. Horton beats by $0.02, beats on revenue (Nov. 10)
    | Nov. 10, 2015, 12:15 PM | 1 Comment
  • Oct. 26, 2015, 10:11 AM
    • The pace of new home sales tumbled to a seasonally-adjusted annualized rate of 468K in September. That's down 11.5% from August's 529K (revised down from 552K), and just 2% above the level of a year ago. Analysts had expected a 550K pace in September.
    • The Northeast suffered an unusually large decline, with sales dropping to 13K from 34K ... must have been the weather. Sales in the Midwest fell to 55K from 60K; South to 274K from 300K; West to 126K from 135K.
    • Maybe a bigger issue are prices: The median price of 296.9K was 13.5% higher than a year ago.
    • The homebuilders aren't liking the news: Toll Brothers (TOL -2%), Lennar (LEN -1.6%), Hovnanian (HOV -1.8%), KB Home (KBH -2.2%), D.R. Horton (DHI -2.5%), PulteGroup (PHM -1.4%)
    • ITB -1.6%, XHB -0.7%
    • Full report
    • Previously: New Home Sales hits 10-month low at 468K (Oct. 26)
    | Oct. 26, 2015, 10:11 AM | 14 Comments
  • Oct. 22, 2015, 12:03 PM
    • The major averages are up 1.5%, and a strong existing home sales number this morning added to a beat in housing starts earlier this week, but the homebuilders are retreating.
    • At work are weaker-than-hoped reports from PulteGroup (PHM -6.4%) and M/I Homes (MHO -5.7%).
    • Pulte reported a decline in closings, with ASPs up just a hair vs. the 8% gain in sales prices a year ago. Home sales in Texas slumped 15%, and while net new orders for the company overall rose 8%, they fell 5% in that state.
    • KB Home (KBH -4.3%), Toll Brothers (TOL -1%), Lennar (LEN -0.6%), Hovnanian (HOV +1.6%), D.R. Horton (DHI -1.2%)
    • ETFs: ITB, XHB
    • Previously: Sale price gains slow down at Pulte (Oct. 22)
    • Previously: M/I Homes misses by $0.04, misses on revenue (Oct. 22)
    | Oct. 22, 2015, 12:03 PM | 3 Comments
  • Oct. 20, 2015, 8:40 AM
    • September housing starts at a seasonally-adjusted annualized rate of 1.206M were up 6.5% from August and 17.5% from one year ago. Single-family starts of 740K were inline with August. Multifamily starts of 454K jumped from 388K.
    • Building permits of 1.103M were down 5% from August and up 4.7% from a year ago. Single-family permits of 697K were inline with August.
    • Up there basis points ahead of the number, the 10-year Treasury yield is now up four to 2.06%. TLT -0.6% premarket.
    • Homebuilder ETFs: ITB, XHB
    | Oct. 20, 2015, 8:40 AM | 9 Comments
  • Oct. 19, 2015, 12:26 PM
    • Targeting millennials, first-time homebuyers and middle-class borrowers, Freddie Mac (OTCQB:FMCC) teams with Quicken Loans to offer mortgages requiring as little as a 3% down payment.
    • Is it any wonder builder (ITB, XHB) confidence surged to its highest level in a decade this month?
    | Oct. 19, 2015, 12:26 PM | 11 Comments
ITB Description
The iShares Dow Jones U.S. Home Construction Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Dow Jones U.S. Select Home Construction Index.
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