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Home Builders Sucked Into Credit Crisis

 Mar 16, 2008 09:01 PM UTC
Symbol Sentiment Start Return Closed
TOL Negative 03/16/08 +2.25% --
KBH Negative 03/16/08 +29.40% --
LEN Negative 03/16/08 -0.97% --

3/15 - "...already weakened firms could face a credit crisis of their own as home prices continue to drop and the potential value of homes under construction face going on the market for a fraction of what they may have brought just a year ago.

Some of the large home building company stocks have lost over two-thirds of their value over the last year, and that may only be the beginning."

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-14.22%
 risk: moderate
Foreclosures up 60% in January - Not the Peak Yet
3/13 - "Home foreclosure activity dipped 4% in February 2008, as fewer default notice, auction sales notices and bank repossessions were reported than the previous month. However, overall activity remains 60% higher than a year ago, research firm RealtyTrac announced Thursday. From February 2006 to February 2007 foreclosure activity rose 19%, RealtyTrac said." "RealtyTrac said the 60% inc...

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Homebuilders Rally on Plan to Stem Rise in Foreclosures
3/13 - "Shares of major homebuilders rose sharply Thursday after the government unveiled a new plan to 'stem the significant rise in mortgage foreclosures...House Financial Services Committee Chairman Barney Frank announced a proposal for legislation Thursday to allow the Federal Housing Administration to insure and guarantee refinanced mortgages that have been significantly written down by mor...

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+18.78%
 risk: moderate
Graphic_rating_sell HOV
Graphic_rating_sell LEN
Graphic_rating_sell TOL
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Nowhere Near a Real Estate Bottom
3/10 - "The real estate bottom is so far in the future it’s not even worth attempting a prediction...It simply takes time for people to recognize that even real estate markets can fluctuate on the down side. In general, this will always result in a real estate market that lags the general economy. Thus, anyone who accepts the preceding statement as reality should easily recognize the ridicul...

N/A
+4.48%
 risk: moderate
Graphic_rating_buy DHI
Graphic_rating_buy TOL
Graphic_rating_buy RYL
CTX
Graphic_rating_sell HOV
Initiating Coverage on Homebuilders, Positive View on Sector
3/14 - "We have initiated coverage of the homebuilders with a 1-Positive sector rating. We have initiated with 1-Overweight ratings on D.R. Horton (DHI - price target of $18), Ryland (RYL - price target of $31), and Toll Brothers (TOL - price target of $27), with 2-Equal weight ratings on Centex (CTX - price target of $23), KB Home (KBH - price target of $24), Lennar (LEN - price target of $20)...
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