America's Largest Home Builder, DR Horton, just reported 24% decline in net income.
Less revenue, less income and revised guidance incoming at 8:30 Eastern
KB Homes joins Lennar in seeing 30% decline in net income for the spring quarter.
Plus how long until building contraction effects employment? Answer in the link below.
We can now add FHA delinquency to this list. Here's just delinquency due to "unemployed". A 🧵and thanks to @NeelyTamminga and @m3_melody for having piqued my interest in this data set. 1/6
Got Jobs?
Lennar—a giant homebuilder ranked No. 126 on the Fortune 500 list—reported its lowest Q1 gross margin in over a decade today
@Lennar's CFO said on their December call that they expect their "gross margins to be between 19% and 19.25%" for Q1 2025
It ended up being 18.7%
For those who aren't keeping track, we have the second most spec homes for sale in recorded history. And climbing. With October sales 20% below average. @MacroEdgeRes readers saw it coming.
Housing Vacancy has increased 28% since the second quarter of 2022. Despite the claims regarding shortages.
Now at 8.2% combined vacancy rate and no sign of slowing.
