Tuesday, June 21, 2005

Homebuilder Stocks Take A Hit

Shares of homebuilders stock took a hit today. These stocks have made huge gains in the past few years. From today's TheStreet.com .

Shares of Centex were down $1.40, or 2%, to $69.54.

Centex acquired Fairclough Homes in 1999. For the fiscal year ended March 31, Fairclough Homes closed 1,563 units and recorded operating earnings of almost $67 million on revenue of $501.3 million.

Other homebuilders were also lower Monday along with the broader market. Lennar (NYSE:LEN - News) was down 2% to $61.89, and KB Home (NYSE:KBH - News) was falling almost 3% to $75.19. Toll Brothers (NYSE:TOL - News) was losing 3.5% to $100.91, and Hovnanian (NYSE:HOV - News) was slipping 0.7% to $65.73. Pulte (NYSE:PHM - News) was down 3% to $83.22.

The market is finally reacting to the growing indications that the bubble is about to burst. Keep yours eyes on these shares and watch them tumble even more. Remember there are about 15 million unoccupied housing units in this country.

1 comment:

  1. The price of everything has a top at some point. Figuring out when the top occurs is the hard part.

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