Jul. 23, 2014, 5:30 PM
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Jun. 24, 2014, 10:09 AM
- May's adjusted annual pace of 504K new home sales is the fastest print in six years. The number is 18.6% above April's pace and 16.9% higher than a year ago. The supply of new homes on the market at the current sales pace dropped to 4.5 months worth from 5.3 months in April.
- Sales in the Northeast jumped to 34K from 22K in April, and those in the West to 130K from 97K.
- Full report
- Homebuilder ETFs: ITB +1.2%, XHB +0.7%.
- Toll Bros. (TOL +1.2%), Lennar (LEN +1.4%), D.R. Horton (DHI +1.7%), KB Home (KBH +1.7%), Hovnanian (HOV +1.3%), PulteGroup (PHM +1.3%)
- Previously: New home sales soar past estimates
Jun. 20, 2014, 10:38 AM
- The averages are nudging higher, but not the homebuilder names after Owens Corning cuts 2014 guidance on continued weakness in its roofing business.
- Soft action in Q1 continued through April and May, says the company, which now sees H1 roofing volumes as much as 20% lower than 2013. Owens still expects H2 to be better, but is less confident of that forecast today than it was a few months ago.
- ETFs: ITB -1.3%, XHB -1.2%
- Toll Bros. (TOL -1.6%), TriPointe Homes (TPH -1.3%), Lennar (LEN -1.6%), Ryland (RYL -1.8%), Hovnanian (HOV -0.9%), PulteGroup (PHM -1.2%), D.R. Horton (DHI -0.8%), Standard Pacific (SPF -1.8%)
Jun. 17, 2014, 9:44 AM
- Hit particularly hard in early action are the homebuilders after May housing starts missed expectations, but a fast CPI print has interest rates higher.
- Previously: Treasury prices slip after fast CPI report
- ETFs: ITB -1.1%, XHB -0.7%
- D.R. Horton (DHI -2.3%), KB Home (KBH -1.3%), Ryland (RYL -1.1%), Toll Brothers (TOL -1.2%), Lennar (LEN -0.7%), Hovnanian (HOV -0.7%)
May. 29, 2014, 10:20 AM| Comment!
May. 28, 2014, 3:01 PM
- Jay McCanless and Annie Worthman at Sterne Agee say without the benefit of a lower tax rate other non-operating boosts, Toll Brothers (TOL +2.1%) would have missed the team's EPS estimate of $0.31 per share. They continue to rate the stock an Underperform with $28 price target.
- The bullish team at MKM Partners note Toll "essentially raised" guidance by boosting the low end of its average expected sale price this year to $690K from $675K. "Given the company’s long build cycle, we suspect that the higher guidance is likely more of a statement on the anticipated mix of closings rather than a signal that prices are being raised more aggressively."
- Amid the big gain by Toll and sharply lower interest rates, some other builders: Hovnanian (HOV +1.7%), Beazer Homes (BZH +1.4%), KB Home (KBH +0.8%), Lennar (LEN +0.2%), PulteGroup (PHM), D.R. Horton (DHI +1.2%).
- ETFs: XHB, ITB, PKB
- Previously: High home prices boost Toll results
- Previously: Toll Brothers beats by $0.09, beats on revenue
May. 9, 2014, 2:23 PM
- Atlanta's largest builder (D.R. Horton is #2), Crown Communities builds homes in Georgia, South Caroline, and eastern Alabama. Assets included with the purchase include a sales backlog of about 420 homes, 640 homes in inventory, and 2,350 lots, plus control of another 3,400 lots through option contracts.
- In 2013, Crown closed 1,540 homes for $375M in revenue. It's ranked as the 28th largest builder in the country.
- The purchase price is $210M and D.R. Horton (DHI -0.3%) is paying cash.
- Source: Press Release
May. 1, 2014, 3:03 PM
- Similar to most other homebuilders, M.D.C. Holdings (MDC +3.8%) and Beazer Homes (BZH +4.2%) both reported sizable drops in order and closings volume for the quarter ended March 31, but also showed boosts in average sales prices more than offsetting the volume declines.
- Amid difficult credit and construction cost issues, as well as tough competition for building lots, homebuilders have been focusing on higher prices, but at some point the loss of customers will be too great.
- Given that, D.R. Horton's (DHI +2.2%) introduction of Express Homes "targeted at the true entry level buyer" will be an experiment worth paying attention to. Getting young buyers to compromise on location and buy a relatively inexpensive home is one thing, but getting them past the high barrier today to get a mortgage will be another.
- Previously: M.D.C. Holdings, Inc. beats by $0.14, misses on revenue
- Previously: More on Beazer FQ2: Net loss narrows but selling season starts slowly
- ITB +0.7%, XHB +0.7%
Apr. 25, 2014, 8:41 AM
- D.R. Horton (DHI) tacks on another 1% to yesterday's big post-earnings gain as ISI Group upgrades the stock to Strong Buy with $28 price target, citing strong growth and margins, and relative valuation.
- Previously: D.R. Horton soars - sales and sales price both gain
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, 2:55 PM
- "We wouldn't be getting into Express Homes if we didn't think it was the next segment of the market to recover," says D.R. Horton (DHI +8.2%) CEO Donald Tomnitz.
- His company's Express Homes offers properties in the $120K-$150K range, an interesting bet given the huge quarter D.R. Horton just racked up by focusing on higher-end homes. Just getting underway this year, Express Homes is now concentrated in Texas, Florida, and Georgia. The homes are offered turnkey, with no options or upgrades available.
- Still in rollout stage, the company has and expects to hit "aggressive targets" in 2015. D.R. Horton says the demand for the homes is there, but what's lacking is supply as all-cash investors (from Wall Street and elsewhere) have hoovered up everything cheap coming onto the market.
- Previously: D.R. Horton soars - sales and sales price both gain
Apr. 24, 2014, 1:10 PM
- FQ2 net income of $131M or $0.38 per share is up 18% from a year ago. Revenue of $1.7B is up 22%. Homes closed of 6,194 is up 10%. Average sales price up 10%.
- Net sales orders during Q of 8,569 up 9% Y/Y; value of net sales orders of $2.4B up 20%. Cancellation rate of 19%. Backlog of 10,059 homes up 5%; value of backlog of $2.8B up 18%.
- Source: Press Release
- Previously: D. R. Horton beats by $0.04, beats on revenue
- DHI +8.3%
Apr. 24, 2014, 7:56 AM
Apr. 24, 2014, 7:15 AM
Apr. 24, 2014, 12:05 AM
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Apr. 23, 2014, 5:30 PM
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DHI vs. ETF Alternatives
DR Horton Inc constructs and sells homes through its operating divisions in states and metropolitan markets of the United States, under the names of D.R. Horton, America's Builder, Emerald Homes, Breland Homes, Express Homes andRegent Homes.
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