Despite encouraging government data on new homes homebuilders dipped on concerns of rising mortgage rates as a result of spiking treasury yields. The SPDR S&P Homebuilders ETF (XHB) declined 1.83 for the week ended August 16th. On Friday, the Commerce Department reported developers broke ground on new houses and apartments at a seasonally adjusted annual rate of 896,000 in July, which was an increase of 6 percent from June. The data was not enough to offset concerns of rising mortgage rates as the yield on 10-year Treasury notes spiked as high as 2.86 percent, the highest since July 2011.
D.R. Horton, Inc. (NYSE: DHI) shares traded in the range of $18.73 to $19.87 Friday before settling to close at $19.00, a decrease of 0.63 percent. The stock appears to be facing some resistance at the $19.30 and $19.69 levels with some support at $18.48. Shares of D.R. Horton have fallen approximately 12.0 percent in the past month.
More information on D.R. Horton and access to the free equity report can be found at:
www.WallStreetFundamentals.com/DHI
Hovnanian Enterprises, Inc. (NYSE: HOV) shares traded in the range of $5.25 to $5.49 Friday before settling to close at $5.28, a decrease of 0.75 percent. The stock appears to be facing some resistance at the $5.50 and $5.60 levels with some support at $5.27. Shares of Hovnanian Enterprises have fallen approximately 8.0 percent in the past month.
More information on Hovnanian Enterprises and access to the free equity report can be found at:
www.WallStreetFundamentals.com/HOV
KB Home (NYSE: KBH) shares traded in the range of $16.64 to $17.95 Friday before settling to close at $17.01, a decrease of 1.16 percent. The stock appears to be facing some resistance at the $17.68 and $18.02 levels with some support at $16.82. Shares of KB Home have fallen approximately 12.0 percent in the past month.
More information on KB Home and access to the free equity report can be found at:
www.WallStreetFundamentals.com/KBH
Toll Brothers Inc. (NYSE: TOL) shares traded in the range of $31.50 to $33.30 Friday before settling to close at $1.76, a decrease of 1.76 percent. The stock appears to be facing some resistance at the $32.95 and $33.45 levels with some support at $31.70. Shares of Toll Brothers have fallen approximately 7.0 percent in the past month.
More information on Toll Brothers and access to the free equity report can be found at:
www.WallStreetFundamentals.com/TOL
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