Core Viewpoint - Investing in turnaround stocks can be challenging, but successful turnarounds can yield significant gains [1] Company Overview - RH, formerly known as Restoration Hardware, is undergoing a transformation despite a stagnant housing market [2][3] - The company has shifted its focus to selling high-end furniture to affluent consumers and has rebranded its stores as "design galleries" [3] Financial Performance - Initially, RH's strategy led to revenue growth and operating margins increasing from approximately 10% in 2015 to over 24% during the pandemic [4] - However, margins have since compressed to just under 10% as revenue declined, indicating vulnerability to housing market fluctuations [6] Debt and Buyback Strategy - In response to market conditions, RH took on significant debt, totaling about $2.55 billion, to repurchase $1 billion in stock in 2022 and an additional $1.25 billion in 2023 [8][9] - This buyback reduced shares outstanding by over 25%, but the debt burden raises concerns if the housing market does not recover [9] Housing Market Context - The CEO described the current housing market as the worst in 50 years, with existing home sales nearly unchanged despite a significant population increase [10] - The prolonged downturn has exceeded management's expectations, leading to regrets about the timing of stock repurchases [11] Future Outlook - Despite challenges, there are signs of potential recovery, with last quarter's revenue up 12% year-over-year, and management anticipates revenue growth of 10% to 13% for the year [14][15] - The company is also investing in new design galleries, including locations in Paris and six in the U.S. [15] Risks and Considerations - RH's enterprise value is around $5.1 billion, and the company remains vulnerable to a prolonged housing market freeze due to its debt load [16] - The outlook for recovery is uncertain, influenced by interest rates, tariffs, and broader economic conditions [17]

Okay, we're gonna pass from Steve to Steve. So, Steve Graass, so I'm going to kick it off with you just because the name was top of mind. Nice.Uh, have Steve Leeman on more. Well, listen, two big interviews today. Waller made comments.I just don't know if anybody has any visibility, including Jay Pal on down about where things are going to be given we don't know what oil prices are going to do, inflation's going to do, tariffs are going to do. So, you know, when you look at uh the Treasury Secretary uh Bess ...

根据最新PropTrack房价指数，珀斯房地产市场迎来重要里程碑。 据RealEstate网站报道，这一转变反映了西澳住房市场自2022年以来的逆转，其背 后是可负担性、人口 增长、投资者需求和供应短缺等多重因素的独特组合。 在经历长期温和增长后持续复苏，今年5月墨尔本房价月度涨幅全澳最强 （+0.79%）。然而，其房价仍 比2022年峰值低2.85%。 尽管墨尔本月度涨幅领先，但珀斯78.7万澳元的中位价已超越墨尔本的78.2万澳元 ——这是十年来的首 次，凸显了墨尔本相对疲软，而珀斯近年持续表现强劲。 仅在五年前，珀斯房价还远低于墨尔本，当时珀斯中位价比墨尔本低近40%。 对比 自动估值模型（AVM）数据的图表显示，2016年至2020年间，珀斯房价持续低于墨 尔本。 但自 2022年中期以来，珀斯房价增长持续强劲，始终位居全澳涨幅榜首，推动其房 价中位数一路飙升并超 越墨尔本。 珀斯房价的快速上涨由结构性和周期性因素共同驱动。 在矿业投资低迷及后续市场 停滞导致的长期价格疲软后，该市房价从低位开启上涨周期。 相对可负担 性成为关键吸引力——尤其是在疫情期间东海岸房价飙升、2022年利率上 升压缩借贷能力 ...

根据 Finder的《2025年首次购房者报告》，2017年时，普通澳洲人能负担超过一半地区 的中位价房产 贷款，而这一比例如今已降至仅16%。 （图片来源：RealEstate） 在澳洲的房地产市场，单身买家面临越来越大的压力，普通澳洲人如今仅能负担得 起16%地区的独立 屋。 据RealEstate网站报道，最新研究揭示，单身人士几乎无法在澳洲独立买房。 即便在公寓市场，单身买家也面临困难，目前仅能负担得起约28%地区的公寓，这 一比例从2017年的 66%大幅下降。 在新州、南澳及西澳，普通单身买家能负担房贷还款的地区数量减少了约四分之三。 新州情况最为糟糕，2017年时单身澳洲人可以负担40%地区的独立屋，这一比例到 2025年下降至仅 11%。南澳的降幅尤为显著，从2017年的85%降至2025年的19%。 住房负担能力压力导致单身购房者在首次购房者中的比例显著下降。 从2021年首次 购房者中45%为个人，至2025年降至39%。 "首次购房者并不期望第一套房产是豪宅，但即使那些有现实期望的人，也对入门 级住房的高昂价格感 到震惊。" "存首付款如今需要多年努力，许多首次购房者严重依赖'父母银行' ...

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 ...

Rental prices fell for the 22nd straight month in May, which could also help drive inflation readings lower from reduced housing costs, a https://t.co/O35QqGecwA report said. https://t.co/uXAaBV0DDM ...

Chris Raber at Associated Press. Um there is an argument out there uh in favor of cutting rates more immediately. Um inflation has continued to cool and is back at to roughly 2% despite the tariffs.And I guess I also wanted to ask about you know cracks in the job market uh with gross hiring slowing uh concentrated in just a few industries. We've seen some housing data uh including this morning that have been pretty weak. uh do you see any concerns that you know the economy is weakening and that is a reason ...

Welcome to Wealth. I'm Ally Canel and this is Yahoo Finance's guide to building your financial footprint. Our community of experts will give you the resources, tools, tips, and tricks you need to grow your money.On today's show, policy whiplash causing investor fatigue. One portfolio manager explains where to find opportunity and how you can position for the summer. And the majority of Americans are concerned about how tariffs could impact their finances.We have tips to help consumers navigate the current e ...

Housing. Speaking of housing, got new data out, including new home construction. Diana Ol, this is a little bit hyperbolistic.You just heard us talk about it. I don't want to say nobody's building homes because there's still homes being built, but there are still homes being built. Just the lowest in five years.Yeah, definitely. So, we got them the May read this morning on housing starts and permits, and they were well below expectations. Let me break it down for you.Multif family starts dropped over 30% mo ...

PITTSBURGH, June 18, 2025 /PRNewswire/ -- PNC Bank, N.A., a tax credit syndication leader, today announced the closing of Low-Income Housing Tax Credit (LIHTC) Fund 98, which is investing more than $208 million in the development and rehabilitation of affordable rental housing across the U.S. The fund includes investments from PNC and seven other financial services and insurance companies, including two investors that are new to PNC's LIHTC funds.  The investment will provide a positive impact nationwide by ...