WASHINGTON, Aug 30 (Reuters Breakingviews) - Mortgages are pricey, but Warren Buffett seems to think that’s a good thing for homebuilders.
Horton (DHI.N), Lennar (LEN.N) and NVR (NVR.N), just as mortgage rates hit the highest level in nearly 23 years.
That’s 3% less than last year, and 7% less than the average used-home price today.
Horton, NVR and Lennar on Aug. 14.
The conglomerate, run by billionaire investor Warren Buffett, purchased $726 million, $71 million and $17 million of DR Horton, NVR and Lennar shares, respectively, throughout the second quarter, according to a Securities and Exchange Commission filing.
Persons:
Warren Buffett, Berkshire Hathaway, D.R . Horton, Horton, NVR, Lauren Silva Laughlin, Sharon Lam
Organizations:
Reuters, U.S . Bureau of Labor Statistics, Buffett, Berkshire, Securities and Exchange Commission, Mortgage Bankers Association, Census, Thomson
Locations:
. Berkshire, D.R ., Horton, U.S, New York, Los Angeles, Berkshire, that’s, homebuilders D.R, DR