For more on this state of housing and mortgage demand, let's bring Matt Ishbia, CEO of United Wholesale Mortgage. The company is the number one mortgage originator in the country. Matt, it's great to have you back on the show.Welcome. Let's start right there. Is 7% the new normal.You know, I don't I don't know. I It seems like it's been there for a little while, but the the truth is you got to shop around. There's a lot of people that get rates at the six and a quarter, six and a half, and there's of course ...

You go to California and sometimes to get a building permit takes you 3 years. You know in New York it's impossible. So in my business it is much easier to build here.What worries me is affordability. The middle class and the working class where do they live. The moment that we build a mid-inccome or affordable housing product it gets consumed immediately.The demand is never ending because people do want to be close to their jobs. They just can't afford to be close to their job. Over the last 5 years, media ...

Homebuilder confidence fell in June, logging its third lowest reading since 2012. Buyers struggling with affordability stayed on the sidelines, even as builders lowered prices. https://t.co/ZRCgV2QSrL ...

Confidence among US homebuilders in June hit its lowest level since December 2022 as high mortgage rates and policy uncertainty hit wouldbe buyers. With more on the landscape for homebuilders, we have Katie Hubard, Walton Global's executive vice president of capital markets joining us now. So Katie, there was actually an expectation we would see sentiment rebound here.Clearly not the case. What does this tell us about where home builders and really the overall housing market stand right now. Yes.Hi Ally, th ...

Market Sentiment & Economic Indicators - Home builder sentiment dropped to 32 in June, a level surpassed only twice since 2012, indicating significant concern in the housing market [1] - High mortgage rates, tariffs, and overall economic uncertainty are cited as key factors impacting builder sentiment [2] - Buyer traffic fell to its lowest reading since the end of 2023, signaling weakening demand [3] Builder Actions & Pricing Strategies - 37% of builders are cutting prices, the highest share in three years, to stimulate demand [3] - The average price reduction is 5%, reflecting efforts to attract buyers [3] - Builders are facing challenges in affordability, even with mortgage rate buy-downs, impacting consumer qualification [6] Regional Performance & Future Outlook - NAHB forecasts a decline in single-family housing starts for 2025, suggesting a pessimistic outlook [4] - The South and West regions are experiencing the weakest performance, impacting areas with high homebuilding activity [4] Company Specific Data - LAR's average home price on closings is down nearly 9%, mirroring the broader trend of price reductions [6]

is about people, not politics. It's about vision, not division. We won because of our positive energy. We won because we talked about the issues that matter, the critical issues facing our state and my plan for a safer, more prosperous, and affordable New Jersey. A state like this is not going to be led by a Trump lackey like Jack Chidarelli. I am ready to shake up the status quo and Jack is the status quo. Democratic Congresswoman Mikey Cheryl and Republican Jack Chidarelli have won their party's primaries ...

Retirement Destination Analysis - The list identifies top retirement spots in America based on quality of life and affordability [1] - Key factors include housing costs and state taxes [1]

Summary of Camping World Holdings Conference Call Company Overview - **Company**: Camping World Holdings (CWH) - **Industry**: Recreational Vehicle (RV) Retail - **Key Executives**: Marcus Lemonis (Chairman and CEO), Matt Wagner (President), Brett Andress (SVP of Corporate Development and Investor Relations) [1][2] Core Business Segments - **RV Dealership Network**: Over 200 locations selling new and used RVs, financing, parts, and services [3] - **Good Sam Business**: Membership club offering roadside assistance, warranty insurance, generating over $150 million in revenue and $100 million in EBITDA [4] Market Share and Performance - **Market Share**: Approximately 20% of new RV sales; recent increase to about 14% of total RV sales including used [5] - **Sales Performance**: Strong performance during Memorial Day weekend, outperforming industry trends which are down mid to high percentage [7] Consumer Trends and Affordability - **Affordability Focus**: Key to success has been identifying price points to drive demand; average selling prices (ASPs) monitored to attract consumers [8][9] - **Interest Rates Impact**: Interest rates and unit costs are critical; the company has been proactive in managing these factors to maintain affordability [10] Used RV Market Strategy - **Used Market Growth**: Increased market share in the used RV segment from 5% to 9% in recent months; long-term goal to combine new and used market share to 15% [27][28] - **Procurement Efficiency**: Developed a system to efficiently procure used RVs, leveraging data from Good Sam and service business [24][33] Financial Outlook - **2025 Guidance**: Low single-digit growth expected in new units, low to mid single-digit growth in used units; maintaining historical margins [39] - **Cost Management**: Focus on reducing fixed costs and improving operational efficiency to achieve 8% EBITDA margins [44] Customer Demographics - **Core Customer Profile**: Predominantly 50-year-old Republicans with household incomes over $100,000 and credit scores around 700 [45] Industry Dynamics - **Market Resilience**: Historically, the number of RVs in circulation has never decreased; the company believes in the stability of the RV lifestyle [16] - **External Factors**: Monitoring interest rates and potential tax benefits for RV loans; optimistic about the used market's growth potential [51][52] Service and Parts Business - **Service Revenue**: Average of $50 million per month in service and parts; potential for growth in customer pay work [62] Conclusion - **Strategic Focus**: Emphasis on used RV market, service business, and maintaining affordability to navigate macroeconomic challenges; cautious approach to M&A with a focus on internal growth [55][56]

Financial Data and Key Metrics Changes - The company reported a stabilization of typical residential combined bills since January 2024, with expectations for a decrease in 2026 [30] - The general rate case proposal for 2027 through 2030 includes the smallest percentage increase request in a decade, attributed to $2.5 billion saved in operating and capital costs over the past three years [30] Business Line Data and Key Metrics Changes - The company achieved zero major wildfires caused by its equipment for the second consecutive year in 2024, indicating effective wildfire protection measures [21] - Over 900 miles of power lines have been buried in high-risk areas, reducing ignition risk by nearly 98% [21] - The company installed over 630 AI-enabled wildfire cameras for real-time condition awareness [22] Market Data and Key Metrics Changes - The company added nearly 14,000 new customers in 2024, representing a 30% increase over the previous year [26] - The clean energy portfolio includes 98% greenhouse gas-free power for electric retail customers [23] Company Strategy and Development Direction - The company aims for capital investments of approximately $63 billion from 2024 to 2028, with a goal to limit annual growth in customer costs to 2-4% [25] - The strategy includes reducing non-fuel operating and maintenance costs by at least 2% each year, which has been met or surpassed for three consecutive years [25] Management's Comments on Operating Environment and Future Outlook - Management emphasized a commitment to safety, reliability, and affordability in energy services, aiming to build trust with customers and communities [17][19] - The company is focused on serving people, the planet, and California's prosperity, with ongoing efforts to improve service at lower costs [28] Other Important Information - The board of directors is currently set at 14 members, as required by CPUC regulations, which allows for a diversity of experience and skills [32] - The company is committed to inclusion and belonging as core values, enhancing company strength and responsiveness to customer needs [34] Q&A Session Summary Question: What is PG and E doing to help customers navigate bill increases? - The company is stabilizing bills and expects them to decrease in 2026, with a proposal for the smallest general rate case percentage increase in a decade [30] Question: Why is the PG and E board currently set at 14 members? - The board size is determined by CPUC regulations, which require between twelve and fifteen directors to ensure diverse oversight [32] Question: Why is inclusion and belonging a core value for PG and E? - Inclusion and belonging are integral to the company’s operations, making it stronger and more responsive to diverse customer needs [34]

Financial Data and Key Metrics Changes - Smith Douglas Homes reported pretax income of $19.6 million and net earnings of $0.30 per share for the first quarter of 2025, with home closing revenue reaching $225 million, a 19% increase from the same quarter in 2024 [4][11] - Gross margin for the quarter was 23.8%, down from 26.1% in the prior year, reflecting higher average lock costs and increased incentives [12][13] - Net income for the quarter was $18.7 million, compared to $20.5 million in the prior year, with adjusted net income at $14.7 million versus $16.1 million [13][14] - The company ended the quarter with $12.7 million in cash and $40 million outstanding on its unsecured revolver, with a debt to book capitalization ratio of 9.5% [14][15] Business Line Data and Key Metrics Changes - Home closings increased to 671 homes, up 19% from 566 closings in the same quarter last year [11] - The average sales price was approximately $335,000, slightly up year over year due to shifts in geographic and product mix [11] - Backlog at the end of the quarter was 791 homes with an average sales price of $341,000, reflecting a decrease from 1,100 homes year over year [15][16] Market Data and Key Metrics Changes - Monthly sales per community improved from 2.4 in January to 3.3 in February and 3.8 in March, but dipped back to approximately three sales per community in April [16][17] - The company launched a $10 million forward commitment program offering a 4.99% mortgage rate buy down in select communities to boost conversion rates [17] Company Strategy and Development Direction - The company is focused on controlling land through option agreements rather than outright ownership, with less than 5% of unstarted controlled lots owned on the balance sheet [6] - Smith Douglas aims to improve build times and limit spec inventory, believing that pre-selling homes enhances buyer attachment and reduces cancellation rates [9] - The company remains committed to long-term goals of growing market share and achieving better economies of scale while maintaining a strong balance sheet [9] Management's Comments on Operating Environment and Future Outlook - Management noted that while there is uncertainty in the economy and industry, the company is built to weather fluctuations and remains focused on executing controllable factors [9][19] - The outlook for the second quarter includes expectations to close between 620 and 650 homes, with gross margin projected between 22.75% and 23.25% [18] - Management acknowledged risks related to maintaining sales pace, managing cost pressures, and broader macroeconomic factors impacting demand [19] Other Important Information - The company is in the final stages of amending its credit facility to increase the total facility size by $75 million to $325 million and extend the maturity [15] - The mortgage joint venture continues to improve, with a capture rate of 56% for the mortgage partner [58] Q&A Session Summary Question: How would you characterize the spring selling season overall and expectations for that? - Management indicated that demand has been consistent across their footprint, with efforts focused on solving for payments to reach affordability [22][23] Question: Any color on the land environment and ability to find new lots? - Management noted that while land inflation has continued, they are starting to see some moderation in land prices, indicating a potential shift to a buyer's market [24][25][26] Question: Outlook beyond Q2 and guidance for the full year? - Management expressed uncertainty due to macroeconomic conditions but indicated a target of 6,100 closings for the year, contingent on market conditions [32][34][45] Question: Update on Houston expansion and cycle time improvements? - Management reported significant improvements in cycle times in Houston, aiming for a 70-day schedule by the end of the year [38] Question: Demand and pricing power observed in May? - Management stated that demand remains consistent with April, but affordability continues to be a challenge [42] Question: Comments on the recent news regarding Landsea? - Management refrained from commenting on other companies' transactions but noted that it reflects good support for the home building space [48] Question: Second quarter gross margin guidance and backlog conversion? - Management indicated that the decline in gross margin is primarily due to higher incentives, but they see potential for improving backlog conversion rates [50][52] Question: Update on the mortgage joint venture? - Management confirmed that the mortgage joint venture is performing well, with consistent messaging on incentives and improving capture rates [56][58] Question: Are you seeing a pullback in starts from competition? - Management noted no interruption in their starts, while competitors are experiencing some slowing in starts [60][61]