All themes
Housing
85 managers wrote about this in 139 letters. Every passage below is copied verbatim from the letter it came from.
Share of letters mentioning it
- 2024 Q410% of 30
- 2025 Q18% of 40
- 2025 Q28% of 88
- 2025 Q311% of 88
- 2025 Q410% of 129
- 2026 Q19% of 137
- 2026 Q24% of 709
- 2026 Q36% of 863
- 2026 Q47% of 73
The company had expected a gradual recovery in the housing market supported by interest rate cuts, but as these cuts were not forthcoming and mortgage rates remained elevated, the company suffered owing to a lack of transactions.
Read the letter →- Platinium AM Platinum TrustOct 2026
Higher mortgage rates are weakening housing affordability and pressuring residential construction, while the Middle East conflict has increased energy, transport and other input costs, squeezing margins.
Read the letter → Paragon Bank (-10%) fell on worries around the UK housing market, although this market may get a boost under Prime Minister Andy Burnham’s Help to Buy 3.0 scheme (a.k.a. Your First Home).
Read the letter →- Liontrust UK Opportunities FundOct 2026
Given the current state of the housing market and warmer weather this wasn’t a massive surprise and merely took the shares back to our entry level.
Read the letter → - Osprey Private WealthOct 2026
This has in turn caused 30-year mortgage rates to rise from 6.5% to more than 7% and is likely to further dampen an already tepid real estate market.
Read the letter → - Baron Real Estate StrategySep 2026
Residential-related real estate The housing market remains in a logjam.
Read the letter → - Baron Real Estate Income FundSep 2026
Meritage Homes Corporation, a U.S. homebuilder, was a detractor in the third quarter, giving back some of its strong second quarter gains when the share price surged more than 27%.
Read the letter → It’s now trading at around 10X-11X P/E. We’ve been asked lately about the impact of rising interest rates on a homebuilder like Glenveagh.
Read the letter →As a result, the Company's buyers are generally less sensitive to interest rates than much of the entry-level housing market, which continues to face affordability pressures.
Read the letter →Tri Pointe Homes, a U.S. homebuilder, was acquired by Japanese homebuilder Sumitomo Forestry.
Read the letter →The shares are worth revisiting at giveaway prices or following compelling signs that the US housing market is turning.
Read the letter →- Black Bear Value FundSep 2026
New homebuilders can respond with mortgage-rate buydowns and other incentives, potentially capturing a greater share of transactions even in a subdued market.
Read the letter → - Opal Capital CIOSep 2026
Consumer sentiment weakened in September, while starts of single family homes were down 4.7% year to date through August, despite a rebound that month.5 Higher everyday costs and mortgage rates are putting pressure on household budgets and housing affordability.
Read the letter → UK mid-caps in particular performed strongly, partly reflecting an appetite from investors for more cyclical exposure and the announcement of a government-backed loan programme for first time buyers in the UK housing market.
Read the letter →Dream Finders Homes (DFH), a top 15 U.S. homebuilder, was the second-largest detractor.
Read the letter →- Third Avenue Value FundSep 2026
Again, we don’t have a strong view as to where U.S. or U.K. government bonds yields or mortgage rates may go from current levels, but we can see several paths for a volume recovery of existing home transactions and new housing construction.
Read the letter → In particular, the continued steep decline in the housing market has had a direct impact on construction and associated sectors, culminating in several major project defaults during the quarter.
Read the letter →Finally, while higher interest rates may quell corporate investment and the housing market somewhat, they do add to the income generated by savings.
Read the letter →Housing data weakened further during the quarter, and the stock's decline was broadly consistent with its peers, although a reduced fiscal 2026 home closing target and a lower revenue outlook, which management attributed to elevated mortgage rates, inflationary pressure, and uncertainty in the labor market, created additional company-specific pressure.
Read the letter →We have record housing prices, despite mortgage rates now piercing 7% and housing affordability at record lows.
Read the letter →- Distillate CapitalSep 2026
The company has faced challenges over the past decade with a more sluggish housing market and sales growth has consequently annualized at a mid-single digit rate.
Read the letter → The company represents a Turnaround opportunity and is gaining market share and improving efficiency, while a weaker housing market has reduced competition.
Read the letter →Focused Small Cap Quarterly Commentary 2026: Third Quarter Millrose Properties is a residential land finance real estate investment trust that provides capital to homebuilders by acquiring and developing land and allowing builders to purchase finished homesites on a just in time basis rather than tying up significant capital in land inventories.
Read the letter →- O’Keefe Stevens AdvisorySep 2026
Unsurprisingly, when mortgage rates are near multi- decade highs, the demand and outlook for new home construction is weak.
Read the letter → US mortgage rates rose above 7%, weighing on an already subdued housing market.
Read the letter →- Bristlemoon Global FundSep 2026
Nonetheless, given the current state of the economy with $4+ petrol and $6+ diesel, 7% mortgage rates and ongoing tariff pressures, we struggle to see how organic revenue growth can be positive in 2027, let alone sellside’s consensus +4% growth.
Read the letter → The weak housing market is reflected in our value and we think the company can compound its value in the current challenging environment.
Read the letter →The strategy was overweight the sector and its positions underperformed the REITs in the index as residential REITs, REITs tied to the housing market, and U.S.-focused cell tower REITs underperformed senior housing and data center REITs.
Read the letter →The challenges are substantial: disruptions to oil supply, persistent inflation, elevated interest rates, a sluggish housing market and ongoing geopolitical conflict.
Read the letter →D.R. Horton Inc (DHI) 5.50% due 10/15/2035 (A3/BBB+) lagged as its long duration magnified the quarter’s rise in yields, with mortgage rates climbing above 7% in September.
Read the letter →- Flagship Investments LimitedSep 2026
Household consumption showed signs of moderation, while housing market conditions softened in response to higher borrowing costs and the federal governments changes to taxation on capital gains.
Read the letter → Mortgage- and asset-backed securities are influenced by factors affecting the housing market and the assets underlying such securities.
Read the letter →The company continues to face a difficult housing environment of elevated mortgage rates, weaker housing turnover, and pressure on larger discretionary projects.
Read the letter →- Akre Focus ETFSep 2026
Fair Isaac (FICO) has become a political scapegoat for housing affordability challenges.
Read the letter → - Montaka Global InvestmentsSep 2026
We exited simply because we see better opportunities elsewhere, particularly against the backdrop of continued pressure on the Australian housing market.
Read the letter → Persistent inflation, elevated interest rates, geopolitical uncertainty and a sluggish housing market nonetheless created a more complicated backdrop for domestically oriented companies.
Read the letter →- Diamond Hill Long-Short FundSep 2026
Key detractors Long Portfolio • Shares of building materials and services supplier Builders FirstSource underperformed amid expectations for declining revenue after the Federal Reserve’s first rate hike since July 2023 pushed interest and mortgage rates higher, weighing on the outlook for residential construction.
Read the letter → - Hamlin Capital Management Equity and High Yield Municipal Bond StrategiesSep 2026
Management recently pointed to improving industry stability and a largely completed transition to the new A2L refrigerant standard, but investors remained focused on weak demand and a relentless march higher in mortgage rates.
Read the letter → - Third Point Offshore Fund, Ltd.Sep 2026
As we see volatility increase across credit, we are constructive on the following sub-asset classes through year-end: Page 13 1) Residential mortgage securities: When rates first sold off with a 60bps move in September alone, 30-year fixed mortgage rates moved north of 7%.
Read the letter → Insurance broker Aon’s stock declined as commercial market pricing softened and investors balked at the USI Insurance Services acquisition, while credit bureau Equifax’s stock fell as higher mortgage rates hindered growth and regulatory noise accelerated.
Read the letter →
Showing the 40 most recent of 139 letters.