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iShares U.S. Home Construction ETF (ITB)

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  • Tue, Aug. 18, 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
    | 19 Comments
  • Wed, Jul. 29, 10:38 AM
    • Sales orders gained a fast 22% year-over-year in the quarter ended June 30, writes Kris Hudson, lower than some analysts had hoped, but still a strong number. Sequentially though, orders for D.R. Horton, PulteGroup (NYSE:PHM), M/I Homes (NYSE:MHO), and NVR all slowed, according to Housing ResearchCenter, though normal seasonality would call for an increase. Higher interest rates are likely to blame.
    • D.R. Horton's average sales price of $289K rose 2.9% Y/Y, keeping in place a pattern of low-single digit gains over the past year. It's not necessarily that builders are lowering prices, but the mix has changed, with D.R. Horton in particular building larger numbers of less-expensive homes. The company's Express brand of entry-level homes - started in 2013 - accounted for 19% of orders in the last quarter. Still the percentage of first-time homebuyers of 41% was flat Y/Y, and down from 44% two years ago.
    • Credit remains tough to come by, with the average FICO score of D.R. Horton-originated mortgages of 716 last quarter vs. 719 a year ago and 723 two years ago.
    • ETFs: ITB, XHB
    • Previously: D.R. Horton profit nearly doubles (July 28)
    | 1 Comment
  • Fri, Jul. 24, 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%.
    | 6 Comments
  • Wed, Jul. 22, 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)
    | 17 Comments
  • 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
    | 8 Comments
  • Wed, Jun. 24, 1:23 PM
    | Comment!
  • 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).
    • Related ETFs: XHB, ITB, PKBXOP, IEO, PXE, NDP, GUSH, DRIP
    | 1 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)
    | 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
    | 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)
    | 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
    | 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
    | 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%
    | 3 Comments
  • 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)
    | Comment!
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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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