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There was more bad news for the housing sector Tuesday. Both sales and prices of existing homes continued to fall, while inventories rose.
Builder Lennar, the No. 2 U.S. home builder, Tuesday reported its worst-ever quarterly results as the crumbling U.S. housing market led to a much wider-than-expected loss, sending its shares down to a five-year low.
Homebuilders were murdered Monday. Investors appear to be anticipating more bad news when the government reports existing home sales data Tuesday. Meanwhile, industry giants Lennar (LEN) and KB Home (KBH) report earnings this week. Has the housing market bottomed?
Like an orchestra tuning up, financial markets are trying to find the right pitch after the Fed's big rate move. The market moves have been dramatic, and for the time being, it's likely they'll continue that way.
Isn't Caterpillar also a play on CEEMEA? Why is EMC a better stock than VMware? Cramer answers viewers' questions.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
Stocks closed broadly lower as already jittery investors expressed disappointment that the latest Fed minutes showed policymakers were reluctant to cut interest rates. "The comments from the Fed not indicating that a rate cut was imminent and further deterioration in the financial sector -- all of this combined and we're down substantially here," said Brian Schaeffer, an NYSE floor specialist at Van der Moolen.
The two weak links in yesterday's market--housing and brokerage stocks--continued to be the weak links today. House prices declined 3.2% in Q2 from a year earlier, according to the S&P/Case-Shiller U.S. National Home Price Index. Home builders like Centex, Lennar and DR Horton down 4%-6% this morning; most builders are at multiyear lows.
Fear of financial companies is again gripping world stock markets. Selling in financial shares-- banks and brokers--was a theme in the U.S. market yesterday but continued around the globe as investors worry that credit problems would show up on the books of major financial institutions. Several headlines helped stir the fear. European markets are weaker this morning, and Asian stocks closed mostly lower.
From commodities and construction materials to interest rates and mortgage lenders, the state of real estate is at the forefront of most business and financial debates. But some say opportunities still exist -- if you know where to look. CNBC's crack team of reporters dug into the real estate market from every angle. Here is a sampling of what they found.
Key sectors like the homebuilders could continue to take a serious hit. But Cramer said it doesn’t have to be that way. Here are two things he thinks could save the market.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
A key measure of industry sentiment on the U.S. market for new homes fell to its lowest point in more than 16 years, a trade group said Tuesday, as builders struggled with rising inventories of unsold houses across the country.
Speculation that Warren Buffett could buy a stake in Hovnanian sent the homebuilders up. But on "Street Signs" today Cramer explained why there's a more likely target. Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
Stocks edged higher for the week, closing out a solid first half, but there was little to celebrate going into the July 4th holiday.
KB Home, the No. 5 U.S. home builder, posted a quarterly net loss Thursday as revenue dropped sharply due to the weak housing market.
Stocks finished lower in a choppy session that was overshadowed by concerns about the housing slowdown and a meltdown in the subprime mortgage industry. "The financials tend to lead the market down and that's what they were doing today," said Robert Albertson, chief strategist at Sandler O'Neill. "I think it goes well beyond subprime. "
Lennar, the second-largest U.S. home builder, posted a quarterly loss on Tuesday, forecast a loss for the current quarter and warned that the weak housing market could deteriorate further.
I remember last fall many of the major homebuilder CEO’s told me they expected May to be the big recovery period in the housing market. Spring would spring, and all that correctional nastiness would be a fond memory. So much for the merry month of May. New home sales in May fell 1.6% from April and are down nearly 16% from May of 2006. While 1.6% doesn’t sound like any kind of crash, it followed a ridiculous 16% burst in sales of new homes from March to April. What’s up with that?
Stock futures are perking up this morning after three sessions of selling. Housing starts for May are reported today and there are a few earnings reports to make headlines.
Investors will soon have earnings to add to their watch list, but unlike interest rates and energy prices they may yield a positive surprise. Though interest rates and subprime worries have rattled stocks lately, corporate profits will also be closely watched in the coming weeks. And many market pros think that--like the first quarter--the results will come in above unrealistically low forecasts.
Facing a grim housing market, Pulte Homes said Tuesday that it is cutting about 16% of its work force, or about 1,900 jobs, as part of a restructuring.