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Stock impact report

U.S. housing market cooling as building permits tumble, starts fall [Reuters]

KB Home (KBH) 
Last kb home earnings: 3/26 04:10 pm Check Earnings Report
US:NYSE Investor Relations: investor.kbhome.com
Company Research Source: Reuters
mortgage rates contribute to reduced affordability for entry-level and first-time buyers. FILE PHOTO: Residential single family homes construction by KB Home are shown under construction in the community of Valley Center, California, U.S. June 3, 2021. REUTERS/Mike Blake But the report from the Commerce Department on Wednesday also showed a record backlog of houses still to be constructed, indicating the moderation in homebuilding would be marginal. Homebuilding was already being constrained by soaring prices as well as shortages of materials. The housing market is the sector of the economy most sensitive to interest rates, with building permits a leading indicator for the sector. “Housing construction appears to be undergoing a transition, with the sector caught between sharply rising mortgage rates and declining affordability on the one hand and supply-chain constraints on the other that continue to result in rising backlogs of projects,” said Conrad DeQuadros, senior econom Show less Read more
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