DR Horton On The Real Impact Of Soaring Rates: "Shocked Homebuyers"
Homebuilder stocks are down 4% on the week (and -6.3% from the FOMC) as D.R.Horton's CEO dares to utter some ugly truths on his earnings call. Despite any and every talking-heads reassurance that rising mortgage rates won't impact the awesomeness of the housing recovery, it seems the actual homebuilders have a different view:
- *HOMEBUYERS 'SHOCKED AND DISTURBED' BY RATE JUMP, TOMNITZ SAYS
- *D.R. HORTON CEO SAYS 'DISAPPOINTED' RATES ROSE SO 'VIOLENTLY'
- *D.R. HORTON CEO SAYS TRAFFIC COUNT HAS SLOWED SINCE RATE RISE
What? No? Un-Possible. With home prices collapsing (despite headlines trying their best to proclaim victory), it seems the fragile 'recovery' in an inventory-less housing market is about to pop once again (as we note, mortgage rates have not tracked lower as Treasuries un-Tapered).
Nope, nothing to see here...
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