Homebuilders Fall Amid Sharp Decline in New Home Sales, Concerns About Possible Extension of Home Buyer Tax Credit
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Homebuilding stocks are moving sharply lower today following the release of new home sales data which came in quite a bit below what the Street had been looking for. Also adding to downside in the group today, concerns that -- while it will be brought to the Senate floor -- an extension on the first-time home buyers tax credit might not happen.
The SPDR S&P Homebuilders ETF (NYSE: XHB), a good measure of the broad sector performance, is down 3.5% today.
New home sales, as reported by the U.S. Commerce Department, came in at 402,000 for September, well below the 440,000 mark economists had been expecting. This level of new home sales was down 3.6% from August, which compares to the 2.6% rise economists had actually been looking for.
Around the sector:
- DR Horton (NYSE: DHI) - down 5.2% to $11.20
- KBR (NYSE: KBR) - down 7.5% To $21.14
- Toll Brothers (NYSE: TOL) - down 4.9% to $17.06
- Pulte Homes (NYSE: PHM) - down 4.2% to $9.18
- Lennar (NYSE: LEN) - down 6.8% to $12.72
- KB Home (NYSE: KHB) - down 5.8% to $14.24
- Ryland (NYSE: RYL) down 6.2% to $18.80
- Standard Pacific (NYSE: SPF) down 4.4% to $3.08
- Hovnanian (NYSE: HOV) down 9.3% to $3.90
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