Sector Snap: Homebuilders Tumble

Shares of homebuilders sank further this week after Lennar Corp., one of the sector's biggest, said fewer people bought new homes in the first quarter and those who did paid less.

The earnings report further dampened hopes that the U.S. housing market has bottomed and is poised to recover.

Lennar, based in Miami, said fiscal first-quarter profit plunged more than 70 percent. Home sales fell 10 percent, and the price of homes sold fell 7 percent.

Read Full Article from Houston Chronicle

- Posted: 2007-03-27 12:59:12

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