Annaly Capital Management, Inc. (NLY), American Capital Agency Corp. (AGNC), The Home Depot, Inc. (HD): Concern Is Growing in the Housing Market As Pending Home Sales Fall in July

In addition, the nation’s largest home improvement retailers both reported dramatically improved results for the most recent quarter. Same-store sales at The Home Depot, Inc. (NYSE:HD) climbed by 10.7% on a year-over-year basis, while those at Lowe’s Companies, Inc. (NYSE:LOW) were up by 9.6%. Both companies also notched considerably higher revenue and earnings.

Nevertheless, the latter’s chairman and CEO Robert Niblock, tempered his optimism for the remainder of the year, noting on the company’s earnings call, “The industry outlook for the second half hinges on the impact of steep increases and mortgage rates expansion over the last few months. The rate increases will likely take some sting out of the recent housing market rebound, but shouldn’t derail it as long as job gains persist, homes continue to appreciate and rates rise more gradually going forward.”

The article Concern Is Growing in the Housing Market As Pending Home Sales Fall in July originally appeared on Fool.com is written by John Maxfield.

John Maxfield has no position in any stocks mentioned. The Motley Fool recommends Home Depot and Lowe’s.

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