April 19, 2024 5:14 pm
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Builder stocks clobbered on Wall Street

XXX AP110215126225.JPG I F FILE DEUBy Jann Swanson | Mortgage News Daily

It was a bad day on Wall Street Thursday for housing stocks. In no particular order Census Bureau data was released showing that new home sales had declined by 8.1 percent in June compared to May and that May’s numbers weren’t nearly as shiny as was first thought.

Then several of the big homebuilders released quarterly earnings that missed analysts expectations. An already jittery stock market did not take it well. The exchange traded fund that trucks home construction fell to a two month low, losing 3.4 percent of its value as most homebuilder and home builder-related stocks fell. ITB was down another 0.79 percent in early trading on Friday.

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.