When high-end home builder Toll Brothers caught investors off guard last week by announcing a sales slowdown, the Wall Street spin machine wasted little time explaining that the troubles are limited to Toll.
They’re not. Witness:
In late October, the nation’s largest publicly traded housing company, Pulte Homes, cut its forecast for home closings by 4% to 7%.
Upside earnings surprises in the group fell last quarter. The top 15 home builders beat analyst expectations by just 7.6%, according to Thomson Financial, compared to 13.7% on average for the past five quarters.
Rates on 30-year mortgages are at their highest levels in 16 months -- and have been above 6% for the past month.
http://moneycentral.msn.com/content/P133915.asp
They’re not. Witness:
In late October, the nation’s largest publicly traded housing company, Pulte Homes, cut its forecast for home closings by 4% to 7%.
Upside earnings surprises in the group fell last quarter. The top 15 home builders beat analyst expectations by just 7.6%, according to Thomson Financial, compared to 13.7% on average for the past five quarters.
Rates on 30-year mortgages are at their highest levels in 16 months -- and have been above 6% for the past month.
http://moneycentral.msn.com/content/P133915.asp
