D.R. Horton (NYSE:DHI) Q4 2025 Earnings Call October 28, 2025 08:30 AM ET Company ParticipantsMichael Rehaut - Executive DirectorStephen Kim - Senior Managing DirectorAlan Ratner - Managing Director of Equity ResearchJessica Hansen - SVP of CommunicationsTrevor Allinson - DirectorMike Murray - COOJade Rahmani - Managing DirectorRafe Jadrosich - Managing DirectorMike Dahl - Managing Director of Equity ResearchSam Reid - Executive Director Equity Research of Home Builders & Building ProductsAlex Rygiel - Mana ...

Federal Reserve tools could ease mortgage rates, but they also could risk another boom-and-bust cycle, says Mizuho. - Getty Images Investors shouldn’t get too bullish about the idea of the Federal Reserve dusting off its tools to artificially lower U.S. mortgage rates and lift the weak housing market. That’s the thinking of Steven Ricchiuto and Alex Pelle, U.S. economists at Mizuho Securities, who said in a Tuesday client note that they were sympathetic to the American dream of owning a home, but also wa ...

住房负担能力 - 疫情期间房价飙升以及2022年利率激增导致住房负担能力降至接近历史低点 [1] - 联邦储备银行报告显示 Case-Shiller 房价指数与消费者价格指数(CPI)通胀的比率在2022年达到历史记录并持续徘徊在该水平附近 [1] 市场趋势与价格谈判 - 在圣地亚哥、旧金山和奥斯汀等许多市场房价已经开始下降 [3] - 行业专家建议买家应积极利用市场疲软进行谈判包括要求大幅降价、维修费用和交易成本 [3] - 在弱化的房地产市场中为房产定价时仅参考过去一个月左右的同类销售数据较早的数据会迅速过时 [3] 投资策略与价值创造 - 通过以折扣价购买待修缮房屋并进行更新可以立即创造资产净值 [4] - 此类 sweat equity 有助于隔离投资者免受价格波动的影响 [4] - 目前购房应基于长期持有计划至少五年否则暂时的房价下跌可能导致资不抵债无法出售 [4] 长期持有与风险对冲 - 长期持有房产并通过持续偿还贷款本金来应对市场波动 [5] - 若需提前搬迁可考虑将房产出租而非出售但需确保租金现金流为正 [6] - 使用租金现金流计算器预测空置率、维修和物业管理费等不规则支出至关重要 [6] - 大多数房屋作为出租物业并不能产生正现金流但若能找到此类房产则可为抵御市场泡沫破裂提供额外保护 [7]

新屋市场可负担性提升 - 2025年第一季度新建住宅中位挂牌价同比小幅下降至448,393美元，与现房价格差距缩至五年来最低水平 [1] - 新建住宅价格自2023年第一季度以来累计下降1.3%，而现房价格持续上涨 [4] - 新建住宅占活跃挂牌量的18.5%，高于2020-2022年疫情期间水平，较2020年第一季度新增挂牌量增长27.4% [4] 新建住宅金融优势 - 新房买家可获得比现房低0.5个百分点的抵押贷款利率（6.1% vs 6.6%），中位价住宅月供节省超160美元 [3] - 建筑商通过内部融资或与贷款机构合作提供利率优惠，增强新房在高利率环境下的吸引力 [3] 建筑商策略调整 - 建筑商通过缩小户型（南部26个主要都会区新建住宅面积和价格双降）降低成本，其中亚特兰大、纳什维尔降幅显著 [6] - 小石城新建住宅中位挂牌价同比降幅最大达12.9%，科罗拉多斯普林斯户型缩小13.8%，奥克斯纳德价格降11.6% [7] - 南部和西部因土地供应充足成为建筑商重点开发区域 [5] 潜在成本压力 - 加拿大木材关税拟从14%提至34%，对中国/墨西哥的石膏板等建材加征关税可能显著增加建筑成本 [8] - 材料成本上涨或逆转近期新建住宅的可负担性改善趋势 [8]

When it comes to buying and owning a house, two significant variables will impact how much you spend on your mortgage: home prices and interest rates. Both play a crucial role in the total cost of your mortgage. This raises an essential question for home buyers: Is it better to buy a less expensive house with a higher interest rate or a more expensive house with a lower interest rate? The relationship between house prices and interest rates Deciding whether to prioritize a low home price or a low mortga ...