Industry News

Home builder stocks take a hit

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Home builders have had a rough week on Wall Street, with stocks diving toward the lowest level in two years for several major companies. A Standard & Poor's index that tracks stock performance at 16 home-building companies sank 10.4 percent from June 1 to June 6, and 8.4 percent so far this week. The index peaked in January 2006, reaching 983.9 on Jan. 11. Since that date it has fallen about 38.1 percent. And since May 5, 2006, the index has dropped about 21.4 percent. Standard & Poor's tracks 16 companies in its home-building index, including: Brookfield Homes Corp., Beazer Homes USA, Champion Enterprises Inc., Centex Corp., D.R. Horton, Home Depot, Hovnanian Enterprises Inc., KB Home, Lennar Corp., Lowe's Cos., M.D.C. Holdings, Mohawk Industries, Meritage Homes Corp., NVR Inc., Pulte Homes Inc., Ryland Group, Sherwin-Williams, Standard Pacific, Technical Olympic USA, Toll Brothers, and WCI Communities Inc. Pulte Homes Inc. and Standard Pacific Corp., among other home builde...