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19.08.26 - 18:51
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La-Z-Boy Crashes Most Since 2022 As Frozen Housing Market Crushes Sofa Demand (ZeroHedge)
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La-Z-Boy Crashes Most Since 2022 As Frozen Housing Market Crushes Sofa Demand
La-Z-Boy shares suffered their steepest decline in 4.5 years on Wednesday after the furniture maker's second-quarter guidance missed expectations, providing even more evidence that weak housing turnover has suppressed demand for big-ticket discretionary goods such as sofas and recliners. With mortgage rates elevated and home prices near record levels, affordability remains severely stretched, keeping transaction volumes depressed, thus limiting replacement purchases that typically drive furniture demand.
La-Z-Boy forecasted second-quarter sales of $475.7 million, down 3% from a year earlier and well below the $537 million average analyst estimate tracked by Bloomberg. It forecast an adjusted operating margin of 3.9% to 4.8% and a reported operating margin ranging from negative .4% to 4.5%.
KeyBanc Capital Markets analyst Bradley Thomas said the company issued sales and implied earnings guidance below consensus, pr...
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18.08.26 - 23:01
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Power Broker Frances Katzen on Pending Home Sales Slide (Bloomberg)
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Frances Katzen, founder of The Katzen Team and a top broker at Douglas Elliman in New York City, discussed the current dynamics of the housing market, highlighting a pronounced K-shaped trend. While overall housing activity has slowed, the high-end segment in Manhattan is experiencing significant growth, with contract signings up 39% year-over-year in October and properties priced between $3 million and $5 million up 27%. She speaks with Scarlet Fu & Isabelle Lee on "The Close." (Source: Bloomberg)...
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18.08.26 - 22:48
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Here′s Where The Nation′s Hottest Housing Markets Are (ZeroHedge)
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Here's Where The Nation's Hottest Housing Markets Are
The US housing market's top 10 hottest ZIP codes this year are all located in the Midwest and Northeast for the fourth consecutive year - as tight inventories due to limited homebuilding has fueled competition, according to a Monday report from Realtor.com.
A builder works on a commercial property under construction in Peabody, Mass., on Jan. 12, 2015. Peabody is the nation's hottest housing market, according to Realtor.com. Elise Amendola/AP Photo
The top 10 - as measured by buyer demand gauged by unique views and how quickly homes are selling are located in:
Massachusetts
New Jersey
New York
Connecticut
Pennsylvania
Wisconsin
Illinois
Michigan
The hot areas received up to 5.3 times as many views and sold substantially faster than the national average, by as many as 42 days. According to a July Realtor.com report, the national median time on market was 53 days in June.
Meanwhile, nine out of the 10 hottest ZIP codes sold a...
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