Market Updates
Home Builders and Lenders Plunge
123jump.com Staff
15 Aug, 2007
New York City
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Home builders and mortgage lenders stocks declined to a new low after falling steeply for the fourth day in a row. Home builders are now trading at nearly 4-year low. Beazer Homes lost nearly 30% of its value in the last four days of trading, Pulte Homes has lost 15%, and Lennar lost nearly 25% in the last two months of trading. Countrywide and Washington Mutual have faced a wave of selling in the last one week of trading.
Home builders stocks fell for the fifth day in a row. Beazer Homes plunged 8% and has now declined 73% from its peak near $38 reached on May 24th, D R Horton fell 5%, Pulte Homes dropped 3% today after losing 15% in the last two trading days, Lennar declined 4% and is now trading at 4-year low, and Toll Brothers declined 4% to $21.78 to 3-year low. Countrywide Financial fell nearly 13% after Merrill Lynch downgraded the stock. The stock is now trading 50% lower from it peak at the end of January. Washington Mutual fell 4.5% after losing 10% in previous three sessions to $32.57. The stock is trading at 66-months low.
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