at CNBC.com (Tue, 4:15PM)
GlobeNewswire (Aug 6, 2014)
at CNBC.com (Aug 5, 2014)
at MarketWatch.com (Jul 24, 2014)
at CNBC.com (Jul 10, 2014)
at MarketWatch.com (Jun 4, 2014)
GlobeNewswire (Jun 4, 2014)
at MarketWatch.com (Jun 4, 2014)
at CNBC.com (Jun 4, 2014)
at MarketWatch.com (Jun 4, 2014)
at MarketWatch.com (Jun 2, 2014)
at CNBC.com (May 29, 2014)
Hovnanian Enterprises Announces Second Quarter Fiscal Year 2014 Earnings Release and Conference CallGlobeNewswire (May 21, 2014)
at CNBC.com (Mar 28, 2014)
at CNBC.com (Mar 25, 2014)
at CNBC.com (Mar 17, 2014)
at CNBC.com (Mar 10, 2014)
at CNBC.com (Mar 6, 2014)
at MarketWatch.com (Mar 5, 2014)
at CNBC.com (Mar 5, 2014)
Wed, Mar. 5, 12:05 AM
Tue, Mar. 4, 5:30 PM
Wed, Feb. 26, 3:56 PM
- Presenting at an industry conference this morning, management indicated Q4 net absorptions were down about 10% and Q1 absorptions will be lower on a Y/Y basis. Weather played a small role, but steep price increases over the last couple of quarters caused the biggest hit to demand.
- The company has begun "tweaking" incentives in order to boost demand in the spring selling season and reports other builders are doing the same, says Deutsche's Nishu Sood.
- "Hovnanian’s (HOV +4.5%) results give us our first look into 2014 market conditions for the builders. The comments are a negative read-through for gross margins and pricing trends in the coming quarters as builders aim to get back to the normalized absorptions level." He maintains his Hold rating and $4.50 price target.
- Presentation slides
- Earlier: Big January new home sales print boosts builders.
Wed, Feb. 26, 10:34 AM
- Brutal winter weather has been the excuse for a long string of weak economic stats this year, but not January New Home Sales, which surged 9.6% from December to a seasonally adjusted annualized pace of 468K - a 5-year high. Expectations were for a drop to 400K. December sales were revised higher from 414K to 427K.
- The median sales price rose 3.4% Y/Y to $260,100.
- The Northeast led the way with a 73.7 jump. Sales climbed 11% in the West, and 10.4% in the South. In the MidWest, they dropped 17.2%.
- Full report
- The homebuilders cheer. ETFs: XHB +1.9%, ITB +2.2%. Individual names: TOL +1.8%, HOV +2%, RYL +2.9%, KBH +2.5%, LEN +2.7%, PHM +2.3%.
Fri, Jan. 31, 11:49 AM
- The homebuilders continue a big move higher this week as the sector reports better-than-expected results from Q4, and now has the tailwind of lower rates behind it. Off four basis points to 2.66% today, the 10-year Treasury yield has tumbled about 35 basis points in January.
- A couple of upgrades has Jefferson Research raising D.R. Horton (DHI +3.5%) to a Buy and RayJay upping Pulte Group (PHM +4.5%) to Outperform.
- ETFs; XHB +1.4%, ITB +2.3%
- Toll Brothers (TOL +3%), NVR (NVR +3.6%), William Lyons (WLH +1.1%), Hovnanian (HOV +2.2%), Lennar (LEN +3.4%)
- The New Home Company (NWHM) is up 10% from last night's IPO price of $11, but the pricing range had been expected at $15-$17 per share.
Thu, Jan. 30, 9:44 AM
- Another pair of big Q4 results from the homebuilders - today Pulte and Ryland - has the entire sector on the move. ITB +1.5%, XHB +1.1%.
- Yes, mortgage rates put a crimp in sales, but higher prices more than made up for the difference, and D.R. Horton management suggests the sales pace has picked back up in January. Pulte reported new orders off 18% from a year ago, but the value of orders barely fell. Closings in Q4 were down 4% from 2012, but revenues gained 9%.
- Taylor Morrison (TMHC +0.2%), M.D.C. Holdings (MDC +1.2%), Standard Pacific (SPF +1.4%), KB Home (KBH +3.3%), Hovanian (HOV +0.8%), Toll Brothers (TOL +0.9%)
Tue, Jan. 28, 10:15 AM
- The homebuilders have their tails in their air following D.R. Horton's big earnings results which showed reports about the end of the housing recovery may be premature (DHI +8.5%). The company reported average sales price gains of 10%, orders by value up 14%, and the value of properties under contract up 20%.
- "Our weekly sales pace has accelerated in January," says Chairman Don Horton.
- XHB +1.6%, ITB +3%
- Toll Brothers (TOL +3.2%), Lennar (LEN +4.3%), KB Home (KBH +3.8%), Hovnanian (HOV +3.3%), Ryland (RYL +3.2%), Standard Pacific (SPF +3.2%), Comstock (CHCI +3.9%), Pulte (PHM +2.7%), NVR (NVR +1.4%), M.D.C. Holdings (MDC +3.6%), Taylor Morrison (TMHC +4.2%)
Fri, Jan. 17, 9:49 AM
- December housing starts of 999K fell 9.8% from November, but are up 1.6% from a year ago. SIngle family starts of 667K fell 7% from last month. For the full year, an estimated 923.4K housing units were started, up 18.2% from 2012.
- Building permits of 986K declined 3% M/M, rose 4.6% Y/Y. For the full year, an estimated 974K units were authorized, up 17.5% from 2012.
- Full report
- XHB -0.75%, ITB -0.8%.
- Builders: Toll Bros. (TOL -1.1%), Lennar (LEN -1.6%), Hovnanian (HOV -1.1%), Ryland (RYL -1.6%), D.R. Horton (DHI -1.1%), Pulte (PHM -1.4%), KB Home (KBH -0.9%).
Thu, Jan. 16, 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
Mon, Jan. 6, 4:21 PM
Dec. 23, 2013, 2:22 PM
- Homebuilders and private mortgage insurers are partying thanks to incoming FHFA chief Mel Watts' weekend move to postpone an increase in fees which would have raised significantly raised mortgage costs for those with good, but not stellar credit and less than 20% to put down.
- "This is a victory for the housing finance industry," says FBR's Edward Mills. "We believe that this is the first of a series of decisions by incoming Director Watt to preserve/expand mortgage credit availability ... We view this announcement as positive for housing generally, but specifically for private mortgage insurers, originators, and homebuilders."
- Homebuilder ETFs: XHB +2%, ITB +2.8%.
- Homebuilder names: Toll Brothers (TOL +3.9%), Putle (PHM +5%), Lennar (LEN +3.2%), KB Home (KBH +6.9%), Hovnanian (HOV +4.8%), D.R. Horton (DHI +2.8%), Standard Pacific (SPF +4%).
- Mortgage insurers: Radian (RDN +4.1%), MGIC (MTG +1.1%), Genworth (GNW +1.6%), Old Republic (ORI +0.7%), NMI Holdings (NMIH +1.1%). Essent Group (ESNT -0.6%) is off a hair, but up 29% since its late-October IPO.
- Not showing much reaction today, but potentially set up to disappoint if the GSEs do not allow any private oxygen in mortgage finance are Redwood Trust (RWT -0.2%) and PennyMac Financial (PFSI +1.2%).
Dec. 12, 2013, 9:26 AM
- FQ4 gross margin of 22.6% is up from 18.3% a year ago and 20.3% in FQ3.
- Deliveries of 1,816 homes up 3.8% Y/Y. Dollar value of net contracts of $490.5M, off about 4%. Number of net contracts of 1,315, off 8.9%.
- Backlog of 2,392 homes and $848.4M is up 11.5% and 14.3%, respectively, from a year ago. Contract cancellation rate of 23% is flat from last year.
- Noting slowing sales from July-September, CEO Ara Hovnanian says sales improved back to prior-year levels in October (the last month of the Q) and exceeded last year's levels in November.
- CC at 11 ET.
- FQ4 results, press release
- HOV +4.6% premarket
Dec. 12, 2013, 9:18 AM
Dec. 12, 2013, 12:05 AM
Dec. 11, 2013, 5:30 PM
Dec. 11, 2013, 2:59 PM
- The two worst-performing sectors on a down day are industrials (XLI -1.4%) and homebuilders (XHB -1.5%), (ITB -1.9%).
- Industrials are taking a hit after Joy Global (JOY -6.3%) missed earnings estimates and provided disappointing guidance. "With a limited number of projects that can book in time to help 2014, we continue to see both the need and opportunity to lower the cost base in our business," says the company. Caterpillar (CAT -1.2%).
- Homebuilders continue to digest Toll Brothers' (TOL -1.8%) "leveling in demand" comments from yesterday's earnings results - in the 19 weeks since August 1, business has been flat vs. last year, and in the first 5 weeks of FQ1 (beginning Nov. 1) business has also been flat from 2012 (though Hurricane Sandy makes a tricky comparison).
- CEO Doug Yearley on the earnings call (transcript): "There's just not a lot of action [this time of year]. We still feel like pent-up demand is building, demographics are on our side, affordability is in place, and we are cautiously optimistic about the spring season, which begins the end of January."
- Lennar (LEN -2.3%), D. R. Horton (DHI -3%), KB Home (KBH -3.1%), Hovnanian (HOV -3.3%)
HOV vs. ETF Alternatives
Hovnanian Enterprises Inc designs, constructs, markets and sells single-family detached homes, attached townhomes and condominiums, mid-rise and high-rise condominiums, urban infill and active adult homes in planned residential developments.