Seeking Alpha

iShares U.S. Home Construction ETF (ITB)

  • Fri, Jul. 17, 8:53 AM
    • Overall June housing starts of 1.343M rose 9.8% from May's (revised-higher) figure and 26.6% from a year ago, with the much of the jump attributable to soaring multi-family starts (the highest since 1987).
    • SIngle-family housing starts in June of 685K were 0.9% lower than May's revised figure and 14.7% higher than a year ago.
    • Multi-family starts of 476K were up 28.6% from May.
    • Building permits of 1.34M were the highest in eight years.
    • The 10-year Treasury yield jumped a couple of basis points on the release of this report and the CPI data (inline), but has since returned to flat on the session at 2.35%.
    • Homebuilder ETFs: ITB, XHB
    | Fri, Jul. 17, 8:53 AM | 8 Comments
  • Wed, Jun. 24, 1:23 PM
    | Wed, Jun. 24, 1:23 PM | Comment!
  • Wed, Jun. 24, 9:47 AM
    | Wed, Jun. 24, 9:47 AM | 3 Comments
  • Tue, Jun. 23, 11:54 AM
    • Alongside today's launch of triple-levered bull and bear biotech ETFs, ProShares also serves up the double-levered Ultra Homebuilders & Supplies ETF (HBU) and the UlraShort Homebuilder & Supplies ETF (HBZ), along with the Ultra Oil & Gas Exploration & Production ETF (UOP), and the UltraShort Oil & Gas Exploration & Production ETF (SOP).
    | Tue, Jun. 23, 11:54 AM | Comment!
  • Tue, Jun. 23, 10:13 AM
    • In addition to May's strong print of 546K (up 19.5% Y/Y), April's pace of new home sales was revised up to 534K from 517K.
    • Sales in the Northeast of 30K were up from 16K in April. In the Midwest, 66K vs. 70K; South 312K vs. 326K; West 138K vs. 122K.
    • The iShares U.S. Home Construction ETF (ITB +0.4%), the SPDR S&P Homebuilders ETF (XHB +0.3%)
    • A longer-term chart of New Home Sales shows the level up sharply from the financial crisis, but only up to about levels seen in the early 1990s.
    • Previously: Continued strength in new home sales (June 23)
    | Tue, Jun. 23, 10:13 AM | 1 Comment
  • Mon, Jun. 22, 11:22 AM
    • Last week's merger deal between Ryland and Standard Pacific was the first big deal since Pulte purchased Centex in 2009, but it could be a sign of things to come as homebuilders look to stock up assets to take advantage of the housing recovery.
    • Look to smaller, newly public players as spots for deals, say analysts, pointing to Tri Pointe Homes (NYSE:TPH), Taylor Morrison (NYSE:TMHC), and William Lyon (NYSE:WLH) as three whose share prices have struggled versus those of the larger builders.
    • Relative giants like D.R. Horton, PulteGroup, and Lennar already have a sizable presence in key markets, and are less likely to be buyers.
    • ETFs: ITB, XHB
    • Source: Reuters
    | Mon, Jun. 22, 11:22 AM | Comment!
  • Fri, Jun. 19, 10:09 AM
    • KB Home CEO Jeffrey Mezger is confident of his company's ability to achieve "measurable year-over-year earnings growth in H2" after reporting new order growth of 33% in units and 38% in dollars in FQ2, and backlog growth of 39% in units and 57% in dollars.
    • KB Home is up 6%, leading the ITB +1.4%, and XHB +0.8% even as the major averages slip.
    • Toll Brothers (TOL +2.3%), Hovnanian (HOV +2.7%), Lennar (LEN +3%), Ryland (RYL +2%), D.R. Horton (DRI +2.5%), Pulte (PHM +2.5%)
    • Previously: KB Home gains following earnings beat (June 19)
    • Previously: KB Home beats by $0.02, beats on revenue (June 19)
    | Fri, Jun. 19, 10:09 AM | Comment!
  • Tue, Jun. 16, 8:45 AM
    • The headline number for May housing starts shows an unexpectedly steep 11.1% decline to 1.036M, but April's 1.17M rate was revised higher from 1.14M, taking some of the sting out of the miss.
    • Single-family starts in May of 680K slipped 5.4% from April.
    • May building permits of 1.275M gained 11.8% from April and are at their highest level since August 2007.
    • Homebuilder ETFs: ITB, XHB
    | Tue, Jun. 16, 8:45 AM | 1 Comment
  • Mon, Jun. 15, 8:25 AM
    • “We’re not going to have 22 publicly traded companies that are significant enough in size to have good liquidity," says John Burns, who heads a homebuilding research firm, predicting more consolidation in the industry.
    • Standard Pacific (NYSE:SPF) CEO Scott Stowell - who will be the chief of the combined company: “We’re out in front of what we think will be a wave of consolidation in our industry."
    • The two builders have little in the way of overlap, reports the WSJ, as each has its largest operations where the other doesn't, and Standard Pacific is an upscale homebuilder (ASP of $478K), while Ryland (NYSE:RYL) focuses on those of lower cost (ASP of $333K).
    • SPF +3% premarket
    • Investor presentation and conference call webcast
    • Previously: Homebuilders Standard Pacific, Ryland Group agree to merge (June 14)
    • ETFs: XHB, ITB
    | Mon, Jun. 15, 8:25 AM | 1 Comment
  • Tue, Jun. 9, 10:14 AM
    • The usually sunny Ara Hovnanian found himself unable to put lipstick on his company's pig of a quarter and the stock is lower by 14.4% in early action (the conference call begins at 11 ET).
    • Topping off the poor results, interest rates are back on the rise, with the 10-year Treasury yield hitting a new high for the year at 2.44%.
    • The other homebuilders are acting as if HOV's issues are company-specific: Toll Brothers (TOL -0.2%), Lennar (LEN -0.2%), PulteGroup (PHM -0.6%), D.R. Horton (DHI -0.2%), KB Home (KBH -0.8%), Ryland (RYL -0.6%), Standard Pacific (SPF flat).
    • ETFs: ITB -0.2%, XHB -0.3%
    | Tue, Jun. 9, 10:14 AM | 3 Comments
  • Wed, May 27, 10:43 AM
    | Wed, May 27, 10:43 AM | 1 Comment
  • Tue, May 26, 10:13 AM
    • April sales of 78K in the Midwest were up 36.8% from March. Sales in the South of 292K gained 5.8%; West of 130K -2.3%, and Northeast of 17K down 5.6%.
    • Nationally, new home sales of 517K gained 6.8% from March's revised figure of 484K.
    • The average print for New Home Sales through the first four months of the year is 515K. For all of 2014, it was 440K, for 2013 it was 430K.
    • The homebuilders - (ITB -0.7%), (XHB -0.7%) - are down about inline with a near-1% fall in the major averages.
    • Previously: New home sales bounce in April (May 26)
    | Tue, May 26, 10:13 AM | Comment!
  • Tue, May 19, 9:06 AM
    • April housing starts at a seasonally adjusted annualized rate of 1.14M were up 20% from March, and the strongest pace since the housing collapse began to pick up pace about eight years ago.
    • Lennar (NYSE:LEN+0.85%, PulteGroup (NYSE:PHM+1.15%, KB Home (NYSE:KBH+1.75%, Ryland (NYSE:RYL+0.2%, D.R. Horton (NYSE:DHI+1.4%, Hovnanian (NYSE:HOV+1.9% premarket.
    • ETFs: ITB, XHB
    • Previously: Housing starts jump in April (May 19)
    | Tue, May 19, 9:06 AM | Comment!
  • Fri, May 15, 9:07 AM
    • Possibly spooked by the rout in the bond market and what higher interest rates could mean for homebuilders, Raymond James pulls Outperform ratings and cuts price targets on a wide swath of the sector.
    • Ryland Group (NYSE:RYL), Standard Pacific (NYSE:SPG), Pulte Group (NYSE:PHM), M.D.C. Holdings (NYSE:MDC), Lennar (NYSE:LEN), and KB Home (NYSE:KBH) are all cut to Market Perform, while Toll Brothers (NYSE:TOL) is cut to Outperform from Strong Buy. It's unclear if D.R. Horton was similarly downgraded, but its price target is cut to $29 from $31.
    • It's been a rough month for the lot of them, with all (excepting M.D.C.) lower by anywhere from 7%-14% as long-term interest rates have shot higher.
    • PHM is down 1.2% premarket
    • ETFs: ITB, XHB
    | Fri, May 15, 9:07 AM | 6 Comments
  • Thu, May 14, 2:25 PM
    • While homebuilder stock prices are pricing in a slowdown in growth, Morgan Stanley's April survey of the group found improving volume and pricing expectations as the spring selling season progresses.
    • Builders were selling for 2.1x book in 2013, but just 1.6x today.
    • Rather than experience a big drop in demand a la 2013 when rates ramped higher, Morgan expects builders would quickly boost incentives or cut prices.
    • The team notes it's first-time homebuyer affordability that's most sensitive to rates, making KB Home (KBH +1.4%) and D.R. Horton (DHI +2.3%) more "at risk" to higher rates thanks to their exposure to this pool.
    • ETFs: ITB, XHB
    | Thu, May 14, 2:25 PM | 2 Comments
  • Thu, Apr. 23, 10:09 AM
    • New homes at a seasonally adjusted annualized rate of 481K in March were 11.4% below February's revised rate of 543K (originally estimated at 539K). On a year-over-year basis, new home sales rose 19.4%.
    • Northeast sales of 20K fell from 30K in February; Midwest 54K vs. 51K; South 267K vs. 317K; West 140K vs. 145K.
    • The 10-year Treasury yield slips one basis point to 1.97%. TLT +0.2%, TBT -0.35%
    • ITB -1.7%, XHB -0.6%.
    • Full report
    • Previously: PulteGroup -7.8% as Q1 results disappoint (April 23)
    • Previously: New home sales see a sharp decline in March (April 23)
    | Thu, Apr. 23, 10:09 AM | 1 Comment
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.
See more details on sponsor's website
Find the right ETFs for your portfolio: Visit Seeking Alpha's ETF Hub