PulteGroup Inc (PHM.N)
NEW YORK U.S. homebuilders' earnings have been hit by rising mortgage rates in the latest quarter, but their shares are showing signs of recovering.
By April Joyner NEW YORK, Nov 1 U.S. homebuilders' earnings have been hit by rising mortgage rates in the latest quarter, but their shares are showing signs of recovering. The S&P Composite 1500 Homebuilding index has dropped 9.4 percent in October and 31.2 percent year-to-date, but the homebuilding stock index has recovered by 8.2 percent since Oct. 24. The benchmark S&P 500 index lost 6.94 percent in October, its worst month since September 201
PulteGroup Inc raised its fourth-quarter forecast for average prices on Tuesday, easing investor concerns that rising mortgage rates would hurt homebuyers' affordability and pressure the company's ability to raise prices.
* Shares rise as much as 6.8 pct (Adds details from conf call, CEO quote, forecast; updates share move)
Oct 23 PulteGroup Inc reported a 63 percent rise in third-quarter profit on Tuesday, as it reined in rising building costs and revenue jumped by almost a quarter.
D.R. Horton , the biggest U.S. homebuilder, on Thursday forecast revenue growth for 2019 after topping Wall Street quarterly profit estimates, underscoring strong housing demand.
* D.R. Horton up as much as 9 pct; Pulte drops 5 pct (Adds analyst comment)