Homebuilders Slide as Toll Brothers Adds Fuel to Slowdown Fears
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Homebuilder stocks fell broadly Tuesday -- on pace for their worst decline in almost three weeks -- after Toll Brothers Inc. reported fiscal fourth-quarter orders that missed estimates and cautioned that demand from buyers slowed further last month.
The luxury builder helped lead the S&P Supercomposite Homebuilding Index down as much as 4.8 percent before paring declines. The index is on pace for its biggest drop since Nov. 15, on a closing basis, with all 15 members declining. The group has lost about 30 percent so far this year amid concerns about affordability of new homes and a slowdown in demand.