U.S. Homebuilders Drop Most Since June on Concern Rally Overdone

U.S. Homebuilders Drop Most Since June on Concern Rally Overdone

David Paul Morris/Bloomberg

The S&P homebuilding index rose to a five-year high on Sept. 21. KB Home, a Los Angeles-based homebuilder that targets first-time buyers, on that day surged 16 percent after returning to a profit for its fiscal third quarter.