PulteGroup Reports Massive Upturn in Orders During June. Is the Stock a Buy?
With the latest earnings season well underway, the homebuilders are reporting on the second quarter and they are all telling the same story. After the economy hit a wall in late March, business took a step back as consumers braced for the worst. The recession disproportionately affected lower-paid workers, who are generally not paid enough to buy a home. Many white-collar workers were unaffected, as they were able to work from home. And the COVID-19 crisis created a stampede out of the cities and into the suburbs.
Just about every builder has reported a sea change in traffic and inquiries between the months of March and May. PulteGroup (NYSE: PHM) gave its version of the story last week in its second-quarter earnings report. Here's what it had to report.
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Source Fool.com
