Walmart CEO retiring
The CEO of Walmart, one of the nation's largest sellers of home goods, is stepping down after a nearly 12-year run.
Discount juggernaut Walmart said Friday 59-year-old Doug McMillon intends to retire at the end of January but will stay on as an adviser to his successor, John Furner, through early 2027.
Furner, 51, president of the Bentonville, Arkansas-based company's U.S. operations, takes over a retailer that operates more than 10,750 stores in 19 countries, 4,606 of which are in the United States.
Homebuyers require 'aggressive incentives'
Beazer Homes is counting on another challenging housing market in 2026.
Consumers lack confidence and are concerned about affordability, and that requires "aggressive incentives" to complete sales, CEO Allan P. Merrill said on a conference call Thursday to discuss fourth-quarter and year-end earnings. While the Atlanta-based builder doesn't expect dramatically improved selling conditions next year, it is encouraged by better affordability through recent wage growth and lower mortgage rates, Merrill said.
In the quarter that ended Sept. 30, Beazer said it sold 1,400 homes, beating expectations, and the average selling price was $534,000, up 1.9% from the prior year. For the full fiscal year, it sold 4,427 homes, down 0.5% from fiscal 2024.
Tight credit hampers homebuilding
As builders struggle with tepid buyer demand, they're also facing a difficult lending environment.
Residential builders looking to finance land acquisition, development and construction dealt with more restrictive credit conditions in the third quarter, according to the National Association of Home Builders.
It marked the 15th consecutive quarter of tightening credit, the NAHB said. The most common way lenders limited borrowing in the third quarter was by lowering the maximum allowable loan-to-value or loan-to-cost ratio on the loans, an NAHB survey of builders and lenders showed.
Lenders also reduced the amount they are willing to lend and required personal guarantees, according to the survey.