Homebuilder Stocks Plummet, LGI Homes Beats Earnings

Homebuilder stocks plummeted today, with KB Home dropping six percent and LGI Homes falling nearly seven percent, due to rising mortgage rates and increased construction costs. The National Association of Home Builders confidence index hit a record low, and single-family building permits hit a three-year low. Despite the markets overreaction, LGI Homes beat earnings expectations, with a 62.6% jump in backlog of sold-but-unclosed homes. However, long-term holders are still nursing losses, and the sector remains vulnerable to further rate hikes. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/01d203549a40ad62