November 10, 2025 02:36 PM GMT | Downloaded by Neil.Wang@troweprice.com Not for redistribution without written consent of Morgan Stanley M | | | | --- | --- | --- | | | | Foundation | | November 10, 2025 02:36 PM GMT | | | | China Consumer Pulse Asia Pacific | Morgan Stanley Asia Limited+ | | | Lillian Lou | | | | Equity Analyst | | | | M AlphaWise Consumer Pulse Survey Oct-25 | Lillian.Lou@morganstanley.com Robin Xing | +852 2848-6502 | | Chief China Economist | | | | Robin.Xing@morganstanley.com | | +852 ...

When we start off with the news over the weekend, we heard the we saw the president post about this, a 50-year mortgage. The 30-year has been the standard here in the US. We also, in all fairness, offer 15-year mortgages.>> Yeah. >> Your thoughts on a 50-year mortgage and what would that do to home prices. The idea of a longer mortgage.>> So, it's interesting. We we ran the math. Um, it's about $120 in savings per month.It increases buying power by by about 5%. So, call it $20,000. Um, but it's not a clean ...

Sweden’s apartment prices delivered their largest monthly gain in a year, echoing other recent evidence that the Nordic country’s households are feeling more emboldened https://t.co/7dGfPe6y0K ...

Core Insights - The article discusses the current state of the housing market, highlighting trends and potential shifts in demand and pricing dynamics [1] Group 1: Market Trends - There is an increasing interest in housing market stories, indicating a growing concern or curiosity among investors and consumers [1] Group 2: Subscription Growth - The ResiClub newsletter is gaining traction, suggesting that more stakeholders are seeking insights and analysis on housing market developments [1]

Overall Third Quarter Sales Increased 3.7% to $14.8 Million, Compared to $14.3 Million for the Third Quarter of 2024Net sales for the third quarter of 2025 were $14.8 million, up 3.7% compared to $14.3 million for the third quarter of 2024 Building Supply segment increased by $476,000 or 5.4%, to $9.3 million, compared to $8.8 million for the three months ended September 30, 2024Disposable Protective Apparel decreased $58,000 or 1.1%, to $5.5 million, compared to $5.5 million for the same period of 2024 Net ...

Financial Data and Key Metrics Changes - Consolidated third-quarter sales were $1.7 billion, down 3% from the third quarter of 2024 [3] - Net income was $21.8 million, or $0.58 per share, compared to $91 million, or $2.33 per share, in the year-ago quarter [3] - Gross margin for the third quarter was 15.1%, a 60 basis point year-over-year decline [8] - BMD's EBITDA margin was 4.5% for the quarter, down from 5.6% in the year-ago quarter [8] Business Line Data and Key Metrics Changes - Wood product sales in the third quarter were $396.4 million, down 13% compared to the third quarter of 2024 [5] - BMD sales in the quarter were $1.6 billion, down 1% from the third quarter of 2024 [5] - I-joist and LVL volumes were down 10% and 7% respectively compared to the year-ago quarter [6] - Plywood sales volume was $387 million compared to $391 million in the third quarter of 2024 [6] Market Data and Key Metrics Changes - U.S. housing starts increased 2% year-over-year, while single-family housing starts decreased 3% [3] - BMD's year-over-year third-quarter sales decline of 1% was driven by a 1% decrease in price, with sales volumes flat [7] - BMD's daily sales pace in October was approximately 5% below the third-quarter sales pace [15] Company Strategy and Development Direction - The company remains focused on a two-step distribution model and enhancing its market-leading EWP and plywood franchises [4] - Capital expenditures for the nine months ended September 2025 were $187 million, with a capital spending range for 2025 at $230-$250 million [10][12] - The company is committed to a balanced deployment of capital, investing in existing assets, pursuing organic and M&A growth opportunities, and returning capital to shareholders [13] Management's Comments on Operating Environment and Future Outlook - Management expects demand weakness, trade policy uncertainties, and seasonal factors to influence financial results in the fourth quarter [13] - Early industry projections for 2026 are consistent with 2025 housing starts levels, with gradual improvement expected later in the year [17] - The company anticipates that EWP prices have bottomed and expects to move prices higher as 2026 progresses [18] Other Important Information - The company paid $27 million in regular dividends in the nine months ended September 30, 2025, and repurchased approximately $120 million of common stock [12] - The board of directors authorized up to $300 million of common stock repurchases under a new share repurchase program [12] Q&A Session Summary Question: Can you talk about the share gains in the general line part of the business? - Management noted that demand held up well in general line product categories due to significant investments in added capacity and a broader mix of products [21][22] Question: Can you discuss the competitive dynamics in EWP and pricing confidence? - Management indicated that prices have stabilized and they expect to see improvements in pricing as the demand environment improves [25][26] Question: What are the constraints for generating higher margins in BMD? - Management expressed confidence in maintaining gross margins above 15% and highlighted the importance of enriching the product mix [33][34] Question: How is the company planning to balance M&A with share repurchases? - Management stated that the priority is to invest in existing assets and pursue organic growth, while also being active with share repurchases if no meaningful M&A opportunities arise [77]

Key Points Buffett bought shares of Lennar in both of the first two quarters of 2025. This purchase could signal that the legendary investor views the housing market as a tremendous opportunity. 10 stocks we like better than Lennar › Warren Buffett became an investing legend through buying stocks. However, over the past 12 consecutive quarters, he has been a net seller of stocks. The billionaire has sold roughly $24 billion worth of stock in 2025 so far for Berkshire Hathaway's (NYSE: BRK.A) (NYSE ...

Without a resurgence in high-paying jobs and a big jump in the number of homes in which workers of all incomes can live, New York will become a more economically ordinary American city https://t.co/Gu3TQ2tyFj ...

Also: Meta vs. Alphabet, two sides to Amazon, housing-market coverage and what to stream in November. ...

More home-purchase agreements are being scrapped around the country, reflecting a growing standoff between buyers and sellers in a largely stalled housing market https://t.co/JYwsZX1eZG ...