Tue, Feb. 3, 8:37 AM
Mon, Feb. 2, 5:30 PM
Tue, Jan. 20, 9:43 AM
- Hovnanian (HOV -5%), M/I Homes (MHO -3.1%), and Taylor Morrison (TMHC -4.3%) are all cut at JMP Securities, with MHO and TMHC now Market Performs, and HOV now Underperform.
- Credit Suisse, meanwhile, also cuts Taylor Morrison. Alongside, the team downgrades Ryland Group (RYL -3.2%), Meritage Homes (MTH -3.4%), and PulteGroup (PHM -3.3%) to Underperform, noting margin declines (see KB Home and Lennar earnings) and a slowdown in Texas thanks to oil's plunge.
- There's one upgrade, and that's NVR (NVR), which is boosted to Neutral from Underperform at Credit Suisse.
- ETFs: ITB, XHB
- Previously: KB Home: "Work to be done" to meet goals; -12.6% (Jan. 13)
- Previously: Lennar leads homebuilders lower after earnings (Jan. 15)
Oct. 23, 2014, 8:31 AM
Sep. 9, 2014, 7:39 AM
- Lennar (NYSE:LEN) and D.R. Horton (NYSE:DHI) are upgraded to Overweight, while PulteGroup (NYSE:PHM) is upgraded to Neutral following a near-9% drop YTD.
- Downgrades from Overweight to Neutral: M/I Homes (NYSE:MHO), Meritage Homes (NYSE:MTH). Downgrades from Neutral to Underweight: M.D.C. Holdings (NYSE:MDC) and Standard Pacific (NYSE:SPF).
Jul. 24, 2014, 10:09 AM
- The ITB is lower by 1.5% and the XHB by 0.7% with earlier earnings misses from Pulte (PHM -1.5%) and D.R. Horton (DHI -5%). and just-released disappointing new home sales data weighing. Also reporting this morning was M/I Homes (MHO -3.2%), and that company beat estimates.
- June single-family new home sales of 406K fell 8.1% from May's rate of 442K (which was revised down from 504K). Expectations for June sales were 479K.
- The supply of new homes rises to 5.8 months at June's sales pace from 5.2 months previously.
- Other names: Lennar (LEN -1.6%), Ryland (RYL -2.3%), Standard Pacific (SPF -2%), Hovnanian (HOV -0.9%), Toll Brothers (TOL -2.2%).
Jul. 24, 2014, 8:40 AM
Apr. 25, 2014, 4:43 AM
- The amount that lenders originated in mortgage loans plunged 58% on year Q1 to a 14-year low of $235B, almost entirely due to drop in refinancing. The figures are from industry newsletter Inside Mortgage Finance.
- Loans for acquisitions were flat on year and lower than in Q4.
- The trend is the latest indication that increasing interest rates are hampering the housing recovery. The average 30-year fixed-rate mortgage was 4.5% last week, up from 3.6% in May last year, when rates spiked after the Fed indicated it would scale back its QE program.
- Tickers: DHI, PHM, RYL, MHO, NVR, LEN, SPF, MDC, HOV, TOL ORI, NLY, AGNC, MTGE, ARR, TWO, IVR, CMO, MFA, WMC, FMCC, FNMA, RDN, NMIH, ESNT, GNW
- ETFs/ETNs: ITB, XHB, MORT, MORL, REM, MORT, MORT
Apr. 24, 2014, 1:21 PM
- The iShares DJ U.S. Home Construction ETF (ITB +2.7%) gains as earnings roll in from D.R. Horton, PulteGroup, Ryland, and M/I Homes. While PulteGroup saw slowdowns in closings and new orders, but offsetting increases in prices, D.R. Horton reported sales, new orders, and prices all on the rise. DHI is ahead 8%, Pulte 3%, Ryland (RYL +2.2%), M/I Homes (MHO +5.9%).
- The SPDR S&P Homebuilders ETF (XHB +1.2%) is more of a homebuilding supply play.
- Other builders: NVR (NVR +3.4%), Lennar (LEN +3.5%) Standard Pacific (SPF +2.8%), M.D.C. Holdings (MDC +3.2%), Hovnanian (HOV +2.5%), Toll Bros (TOL +4.2%).
Apr. 24, 2014, 8:36 AM
Jan. 29, 2014, 8:35 AM
Jan. 16, 2014, 3:32 AM
- The number of foreclosure filings dropped to the lowest level since 2007 last year, declining 26% to 1.36M properties, RealtyTrac says. The figure is less than half of the peak of 2.9M properties in 2010.
- States with the highest foreclosure rates in 2013 were Florida, Nevada, Illinois, Maryland and Ohio.
- The number of foreclosure processes started plunged 33% to 747,728, the lowest since RealtyTrac began tracking the data in 2006. Bank repossessions plummeted 31% to 462,970 properties, the least since 2007. (PR)
- Relevant tickers: PHM, MHO, TOL, KBH, RYL, HOV, SPF, FNMA, FMCC
- ETFs: ITB, XHB, MBB, MBG, VMBS, CMBS, COBO
Oct. 24, 2013, 3:47 PM
- With interest rates already sharply lower than during Q3, investors look past the slowdown in new home orders last quarter at PulteGroup (PHM +7.6%) . Also reporting today, M/I Homes (MHO +7.6%) records a similar gain after new contracts of 869 homes gained 15% from a year ago.
- Not unnoticed is the average 30-year fixed mortgage rate falling 15 bps last week to a 4-month low of 4.13%.
- Other builders: Toll Brothers (TOL +2.5%), KB Home (KBH +2.9%), Ryland RYL, Hovnanian (HOV +2.5%), Standard Pacific (SPF +2.5%).
- ETFs: ITB +3.1%, XHB +2.4%.
Oct. 24, 2013, 8:37 AM
Sep. 24, 2013, 11:40 AM
- The Dow Jones U.S. Home Construction ETF (ITB +2.6%) gains following earnings reports from Lennar (LEN +5%) and KB Home (KBH +4.5%) - both of which showed interest rate hikes taking at least some bite out of results. Also, Case-Shiller data pointed to a slight slowing in home price increases. Homebuilders have been knocked for a loop since rates started going up in May - perhaps some sell the rumor, buy the news action is warranted today.
- In other homebuilder news, RBC Capital initiates coverage on Brookfield Residential Properties (BRP +4.1%) with a Buy and $27 price target.
- Toll Brothers (TOL +3.7%), M/I Homes (MHO +3.9%), Ryland (RYL +6%), D.R. Horton (DHI +2.2%), Hovnanian (HOV +2.1%).
- Other ETFs: XHB, PKB.
Sep. 18, 2013, 5:52 PM
- Home builders enjoyed a double boost today from the Fed's decision to maintain QE and keep interest rates low plus a report of resilient construction of single-family homes in August, but the Fed’s action simply kicks the can on a reduction of the bond-buying program and a subsequent increase in rates.
- ISI Group thinks the move doesn’t bode well in the long term for home builders: "It speaks of prolonged economic weakness that ultimately may negatively affect the builders if job growth continues its puny pace."
- But investors today were enjoying the short term, hoping a halt or slight reversal in the rise in rates will help spark home sales: BZH +4.4%, CVCO +4.8%, DHI +6.9%, HOV +5.3%, KBH +8.2%, LEN +6.5%, MDC +5.2%, MHO +5%, MTH +6.8%, NVR +3.9%, PHM +5.4%, RYL +8.7%, SPF +4.4%, TOL +5.1%.
- ETFs: XHB, ITB, PKB.
MHO vs. ETF Alternatives
M/I Homes Inc and its subsidiaries are one of the nations builders of single-family homes. It sells and constructs single-family homes, attached townhomes and condominiums to first-time, move-up, empty-nester and luxury buyers.
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