Homebuilders Fall to 10-Month Low on Sales Data, Earnings Miss
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U.S. homebuilders are sinking today. Blame that on disappointing economic data and earnings reports that trailed estimates.
The S&P Homebuilding Select Industry Index fell 2.8 percent as of 11:07 a.m. in New York, poised for its biggest drop since early April and its lowest closing level since September. The S&P Supercomposite Homebuilding Index retreated 3.3 percent, its fourth straight day of losses, with all 15 members in the red. Owens Corning plunged as much as 14 percent after its second-quarter results missed estimates.