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KB Home shares fell 18 percent on Thursday, headed for its worst day of trading since August 1992. The Los Angeles-based homebuilding company provided lower than expected guidance for its fourth quarter results. Credit Suisse, Wells Fargo, Barclays and Wedbush all slashed their price targets on KB Home stock. Bank of America Merrill Lynch both
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A rough combination of higher costs and lower demand is putting a chill on the once-red-hot house flipping market. Following the epic housing crash, flippers poured in, buying up distressed properties at bargain prices, fixing them up and flipping them either to residents or to other investors. That continued for years, but now the math
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Bank of America Merrill Lynch downgraded homebuilder stocks Toll Brothers, PulteGroup and NVR as the investment bank lowered its homebuilding estimates for 2018 and 2019. “This morning BofA Merrill Lynch’s US economics team lowered its 2018-2019 housing starts and new home sales forecasts and thus we slightly temper our macro housing assumptions,” analyst John Lovallo
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Other than watching reports of rising interest rates, mortgage lenders and brokers probably weren’t very busy last week. Mortgage application volume fell 1.7 percent for the week, according to the Mortgage Bankers Association’s seasonally adjusted report. Volume was 15 percent lower compared with a year ago. Extremely weak demand for mortgage refinances has been driving
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After three years of soaring home prices, the heat is coming off the U.S. housing market. Home sellers are slashing prices at the highest rate in at least eight years, especially in the West, where the price gains were hottest. In the four weeks ending on September 16th, more than one quarter of the homes
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A slew of negative housing numbers for July are piling up on top of a slew of negative housing numbers from the last several months. Sales of new and existing homes are falling, construction of single-family homes is basically flat for the year, mortgage rates are rising and affordability is weakening. It certainly feels like
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The long list of housing headwinds is finally taking its toll on potential buyers. Housing demand fell 9.6 percent in June, compared with June 2017, according to a monthly index from Redfin. That is the largest decline since April 2016. Red-hot home prices, rising mortgage interest rates, very few listings at the entry level and
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Most likely, this is the best-known picture of a flag ever taken: Buzz Aldrin standing next to the first U.S. flag planted on the Moon. For those who knew their world history, it also rang some alarm bells. Only less than a century ago, back on Earth, planting a national flag in another part of
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On Memorial Day weekend, a catastrophic flash flood ripped through a town founded four years before the Declaration of Independence was signed. Water crashed through walls, exploded through heavy doors and destroyed businesses up and down the once-kitschy Main Street in Ellicott City, Maryland. It would have been called a thousand-year flood, had the same
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