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- Higher Rates Dampen Affordability, Builder Performance (CONT)
- Graphics Title: FIGURE 3 Home Price Appreciation Moderated in ’13-‘14, and...
- Graphics Title: FIGURE 4 Rate Moves are Predictive of Median Home Prices
- Graphics Title: FIGURE 5 Interest Rate Spikes Tend to Hurt Homebuilder Stocks, but...
- Graphics Title: FIGURE 6 Gradual Rate Increases Still Leave Room for Upside
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- Demographic Trends Point to an Acceleration in Household Formations
- Graphics Title: FIGURE 12 Demographic Trends Point to Accelerating Formations
- Table Title: FIGURE 13 Shifting Households Favor Millennials and Baby Boomers
- FICO Score Trends a Modest Aid to Purchasing Power
- Graphics Title: FIGURE 14 Mortgage Origination FICO Scores Trending Lower...
- Graphics Title: FIGURE 15 With Only Minor Increases in Average LTV Ratios
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- Builder Valuation: A Way to Understand Multiple Disparity
- Adjusting for the effects of share repurchases, dividends, and stock issuance on book value provides a view into multiple disparity and sustainability of returns.
- Table Title: FIGURE 16 Tangible Book Values and ROEs Adj. for Equity Effects of Share Repurchases, Dividends, and Stock Issuance (CY Ests.)
- Table Title: FIGURE 17 Share Repo Makes P/TBV and P/E Less Comparable, Adjustment Neutralizes and Illuminates Best-in-Class Returns (CY Estimates)
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- Graphics Title: FIGURE 18 DHI & LEN are Clear Leaders in ROE Under this Adjustment (CY’18 Estimated ROE)
- Adjusting for the effects of share repurchases, dividends, and stock issuance on book value provides a view into multiple disparity and sustainability of returns. (CONT)
- Table Title: FIGURE 19 Margins and Asset Turns Support ’19 ROE Improvement for DHI, LEN, TOL; PHM’s High Returns Less Sustainable (CY Ests.)
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- Lifting Order Estimates
- Graphics Title: FIGURE 22 Lifting Order Growth Ests. - DHI Well-Positioned Across Price Points, Prior Ests. Gave Little Credit to Freedom (CY Ests.)
- Table Title: FIGURE 23 Still Conservative Assumptions on Freedom Rollout vs. Express Rollout from ’14-’17 (FY Ests.)
- Graphics Title: FIGURE 24 DHI’s Average Selling Price is Much Lower Relative to Other Builders Today vs. the Prior Cycle
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巴克莱-美股-房地产行业-美国住房建设：利率有效，但并不可能改变住房市场轨道
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