White House Explores Opening Antitrust Probe on Homebuilders (1)

Trump administration officials are exploring opening an antitrust investigation into US homebuilders as the White House sharpens its focus on tackling the country’s housing affordability crisis.

The Department of Justice could open the probe in the coming weeks, according to people familiar with the discussions. No decision has been made and the administration may abandon the effort without launching an investigation, the people said, asking not to be identified discussing non-public information.

One potential focus is on how information is shared through an industry trade group called Leading Builders of America, according to the people. Officials have grown concerned that the trade group — whose members include Lennar Corp. and DR Horton Inc. — could be used to restrict housing supply or coordinate pricing, the people said.

A White House representative referred a request for comment to the Department of Justice, which declined to comment. Representatives for the homebuilders and the trade group didn’t immediately respond to requests for comment.

The S&P Composite 1500 Homebuilding Index reversed gains to sink as much as 1.4%. Lennar and DR Horton were two of the worst performers in the index at 1:42 p.m.

The administration’s interest in homebuilders comes during a period where the cost of buying a home is at its most expensive in decades, with the Covid-era housing boom and subsequent interest rate hikes weighing heavily on buyers. It’s also a precarious time for the builders themselves, with the inventory of unsold homes hovering at high levels.

President Donald Trump put the industry on alert in October, when he used a social media post to compare big homebuilders to The Organization of the Petroleum Exporting Countries, which wields immense control over the oil market.

“It wasn’t right for them to do that but, in a different form, is being done again — This time by the Big Homebuilders of our Nation,” Trump wrote. “They’re my friends, and they’re very important to the SUCCESS of our Country, but now, they can get Financing, and they have to start building Homes.”

Builders have been seeking ways to work with the White House to improve housing affordability. One option being discussed is a massive program — dubbed “Trump Homes” — that would seek to add as many as 1 million units of new supply, Bloomberg previously reported.

(Updates to add share price reaction in the fifth paragraph.)

--With assistance from Josh Sisco and Prashant Gopal.

To contact the reporters on this story:
Patrick Clark in New York at pclark55@bloomberg.net;
Leah Nylen in Washington at lnylen2@bloomberg.net

To contact the editors responsible for this story:
Jenny Surane at jsurane4@bloomberg.net

Amanda Cantrell

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