iShares U.S. Home Construction ETF
 (ITB)

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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
  • 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. 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. 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
  • Sep. 24, 2015, 10:15 AM
    • SIngle-family new home sales in August at a seasonally-adjusted annualized rate of 552K were up 5.7% from July (itself upwardly revised to 522K from 505K). August's pace was also up 21.6% from a year ago.
    • By region, Northeast sales of 36K rose from 29K, Midwest to 60K vs. 66K, South 319K from 297K, and West 137K vs. 130K.
    • Despite the strong August results, homebuilders remain lower alongside the broader market.
    • Leading the way lower is KB Home (KBH -3.4%) which reported an earnings beat this morning, but rising land costs did eat into profit margins.
    • ETFs: ITB, XHB
    • Toll Brothers (TOL -0.4%), PulteGroup (PHM -0.8%), Lennar (LEN -0.9%), D.R. Horton (DHI -0.8%), Standard Pacific (SPF -1.6%), Taylor Morrison (TMHC -1.5%).
    | Sep. 24, 2015, 10:15 AM | 3 Comments
  • Sep. 17, 2015, 3:49 PM
    • Outperforming alongside the big dividend payers are the homebuilders after the FOMC refrained from hiking rates today, but still all but promises tighter policy before the year is out. The big gains in homebuilders are in contrast to the S&P 500 which is flat.
    • The inaction has sparked a major rally in bonds across the curve, with the 10-year yield lower by ten basis points to 2.20% and the two-year yield down a full twelve basis points to 0.68%.
    • Earlier today, August housing starts disappointed, and July starts were revised sharply lower.
    • Previously: August housing starts disappoint; July revised sharply lower (Sept. 17)
    • Toll Brothers (TOL +1.2%), Lennar (LEN +1.5%), Hovnanian (HOV +6%), PulteGroup (PHM +1.1%), Ryland (RYL +2.1%), D.R. Horton (DHI +2%), KB Home (KBH +2%)
    • ETFs: ITB, XHB
    | Sep. 17, 2015, 3:49 PM | 4 Comments
  • Aug. 18, 2015, 8:47 AM
    • July housing starts of 1.206M edged up from the revised June estimate and were 10.1% above the rate of one year ago. Expectations had been for 1.19M.
    • Single-family housing starts were 782K, up 12.8% from the previous month.
    • The homebuilders put in a nice day yesterday following a rise in the NAHB builder confidence index, and the ITB is up another 1% in premarket action. The XHB is up 0.5%.
    • The 10-year Treasury yield is up one basis point at 2.18% TLT -0.4%, TBT +0.8%
    • Full report
    | Aug. 18, 2015, 8:47 AM | 18 Comments
  • Jul. 24, 2015, 10:10 AM
    • Sales of new single-family homes in June at a seasonally-adjusted annualized rate of 482K were 6.8% below the May pace of 517K and 18.1% above the number one year ago. The 482K print is the weakest since November 2014.
    • In a further bit of weakness, May's rate of 517K was originally estimated at 546K.
    • The median sales price of $281.8K slipped 1.8% from a year ago. The supply of new homes for sale was 5.4 months, up from 4.8 months in May.
    • Breaking down sales by region: Northeast 32K in June vs. 25K in May; Midwest 56K vs. 63K; South 282K vs. 294K; West 112K vs. 135K.
    • Treasury prices are snoozing through the news - the 10-year yield remains flat at 2.27%. TLT +0.1%
    • Homebuilders, however, are selling off, with the ITB -1.1%, and the XHB -0.5%.
    | Jul. 24, 2015, 10:10 AM | 6 Comments
  • Jul. 22, 2015, 10:36 AM
    • In the latest data point signaling the housing recovery has shifted into another gear, the NAR earlier reported a 3.2% gain in the seasonally adjusted annualized rate of existing home sales to 5.49M in June.
    • Sales are at their highest pace since February 2007 and are 9.6% above the pace of one year ago.
    • The median price of $236.4K is up 6.5% Y/Y and surpasses the peak set in July 2006.
    • ETFs: ITB +1.5%, XHB +1.5%
    • Toll Brothers (TOL +2%), Lennar (LEN +1.7%), KB Home (KBH +1.9%), Pulte (PHM +2.1%), D.R. Horton (DHI +2.1%), Hovnanian (HOV +0.9%), Ryland (RYL +3.1%)
    • Previously: Existing home sales rise to fastest pace in eight years (July 22)
    | Jul. 22, 2015, 10:36 AM | 17 Comments
  • Jun. 24, 2015, 9:47 AM
    | Jun. 24, 2015, 9:47 AM | 3 Comments
  • Jun. 23, 2015, 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)
    | Jun. 23, 2015, 10:13 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.
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