Stocks Fall on Weak Housing Data
Stocks stumbled Tuesday as new data stirred up worries that the nation's housing market may be slowing sharply enough to seep into the broader economy and crimp consumer spending.
A housing index released Tuesday by Standard & Poor's showed that prices of single-family homes across the nation fell in January compared to a year ago, registering the lowest growth since January 2004. Also causing concern for investors, Lennar Corp., one of the nation's largest homebuilders, said its first-quarter profit tumbled 73 percent and warned that it doesn't expect to meet its 2007 earnings guidance.
A housing index released Tuesday by Standard & Poor's showed that prices of single-family homes across the nation fell in January compared to a year ago, registering the lowest growth since January 2004. Also causing concern for investors, Lennar Corp., one of the nation's largest homebuilders, said its first-quarter profit tumbled 73 percent and warned that it doesn't expect to meet its 2007 earnings guidance.
Labels: Housing
posted by Stock Administrator @ 1:04 PM
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