U.S. homebuilders stand tall amid Monday market meltdown

Beazer Homes USA

24/01/2022 19:30

** Shares of U.S. homebuilders rise, a bright spot in sea of
red as markets tumble on Mon amid geopolitical worries and
anticipated Fed tightening  .N 
    ** Lennar Corp  LEN.N  up 1.8%, Pultegroup Inc  PHM.N  gains
2.0%, D.R. Horton Inc  DHI.N  advances 0.6% and Toll Brothers
Inc  TOL.N  climbs 1.4% on the session vs S&P 500 index's  .SPX 
~2% slide
    ** PHLX Housing index  .HGX  edges up 0.7% on Mon; the index
has fallen in past five sessions
    ** Home builders have been under pressure since the Fed last
month signaled it may have to hike rates sooner to battle
inflation
    ** Last week, Mortgage Bankers Association said the U.S.
30-year mortgage rate climbed to 3.64% in week-ended Jan 14,
highest level since the pandemic began  urn:newsml:reuters.com:*:nN9N27E02A
    ** YTD, LEN, DHI and TOL all down between ~17%-20%, while
PHM has lost ~8%

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))