U.S. homebuilders have experienced a pullback recently on concerns that mortgage rates would soon follow surging treasury yields. The iShares Dow Jones US Home Construction ETF (NYSEARCA: ITB) has fallen approximately 7.8 percent in the past month. On Friday, the 10-year Treasury notes jumped to 2.70 percent, the highest since August 2011, on a strong U.S. jobs report. The Labor Department reported the U.S. added 195,000 jobs June, economist had expects a gain of 165,000 according to Bloomberg. The unemployment rate remained unchanged at 7.6 percent. Here is how some homebuilders reacted Friday:
D.R. Horton, Inc. (NYSE: DHI) shares traded in the range of $19.89 to $21.07 Friday before settling to close at $20.28, a decrease of 3.24 percent. The stock appears to be facing resistance at the $20.50, $20.96 and $21.40 levels. Shares of D.R. Horton are down approximately 14.0 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
KB Home (NYSE: KBH) shares traded in the range of $17.63 to $18.87 Friday before settling to close at $18.07, a decrease of 3.42 percent. The stock appears to be facing resistance at the $18.40 and $19.29 levels with some support at $17.14. Shares of KB Home are down approximately 15.4 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
Lennar Corporation (NYSE: LEN) shares traded in the range of $33.10 to $35.36 Friday before settling to close at $33.93, a decrease of 4.02 percent. The stock appears to be facing resistance at the $34.68, $34.68 and $36.64 levels. Shares of Lennar are down approximately 12.1 percent in the past month.
More information on Lennar and access to the free equity report can be found at: www.WallStreetFundamentals.com/LEN
The Ryland Group, Inc. (NYSE: RYL) shares traded in the range of $38.02 to $41.29 Friday before settling to close at $38.63, a decrease of 5.50 percent. The stock appears to be facing resistance at the $39.05 and $39.94 levels with some support at $37.82. Shares of the Ryland Group are down approximately 8.7 percent in the past month.
More information on the Ryland Group and access to the free equity report can be found at: www.WallStreetFundamentals.com/RYL
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