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Stock impact report

Homebuilder Stocks Stifled by Price Risks, Soaring Mortgage Rates [BNN Bloomberg (Canada)]

Toll Brothers, Inc. (TOL) 
Last toll brothers, inc. earnings: 2/25 04:30 pm Check Earnings Report
US:NYSE Investor Relations: tollbrothers.com/investor-relations
Company Research Source: BNN Bloomberg
Whether the low valuations present opportunities for investors, however, depends on what happens to the housing market. Many of the companies are trading below their book values, and the group is “baking in a tremendous amount of bad news,” UBS Securities analyst John Lovallo said in an interview. The S&P Supercomposite Homebuilding Index was down 43% through mid-June due to surging mortgage rates as the Federal Reserve kicked off a tightening cycle to tame inflation. The gauge has rebounded 17% since then, and it was essentially flat for the third quarter. The sector is outperforming the broader market on Thursday, gaining as much as 1.3% as Toll Brothers Inc. and Meritage Homes Corp. lead to the upside. Home prices ticked lower month-over-month in July for the first time in a decade, according to S&P Corelogic Case-Shiller index data, after they surged during the pandemic. Mortgage rates, which last week hit the highest level since 2007, according to Freddie Mac data, eased sl Show less Read more
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