Home Sales Slip Again; Builder Reports Big Loss
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Existing home sales in August dropped 4.3 percent and the homebuilder Lennar posted the largest quarterly loss in its history.
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Sales of existing homes fell more than expected in April while prices slid for a record ninth consecutive month, indicating further troubles ahead for the housing market.
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Lennar Corp. , the second-largest U.S. home builder, posted a quarterly loss on Tuesday, forecast a loss in the current quarter and warned that the housing market could deteriorate further.
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While the monthly housing start numbers sagged for May, the ongoing slide in builders' sentiment is even more telling.
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KB Home posted a wider-than- expected quarterly loss on Thursday on write-downs for land values and 28 percent fewer homes sold, as a swelling supply of new and existing homes and tighter mortgages kept buyers sidelined.
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KB Home announces large loss, and an industry trade group releases data that show falling home sales.
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Construction of new homes fell in May as the nation's homebuilders continued to struggle with a steep housing slump that has been exacerbated by rising problems with mortgage defaults.
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Sales of new U.S. homes fell more  than expected in June to a seasonally adjusted annual 1.131  million rate and the median home price fell for the second  month in a row the government reported on Thursday, as the U.S.  housing market showed more signs of cooling.
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The latest data indicates that slowing home sales and the rising number of properties for sale is forcing more sellers to reduce prices in many locations across the country.
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KB Home  posted a quarterly loss  of nearly $773 million on Tuesday with abandonment and  impairment charges as the U.S. housing market continued to  decline, and said it expects another tough year for the  industry in 2008.
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KB Home , the No. 5 U.S. home builder, posted a quarterly net loss on Thursday as home revenue dropped sharply due to the weak housing market.
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LOS ANGELES -- Countrywide Financial Corp., the nation's largest mortgage lender, said Tuesday it swung to a loss in the fourth quarter due to rising loss provisions and impairment charges as more borrowers fell behind on mortgage payments. The earnings fell well short of Wall Street estimates.
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Shares of home builder Hovnanian Enterprises Inc  tumbled on Wednesday, a day after the company posted a wider-than-expected loss as the value of its land and inventory continued to deteriorate.
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Shares of home builder Hovnanian Enterprises Inc  tumbled on Wednesday after the company posted a wider-than-expected loss as the value of its land and inventory continued to deteriorate.
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The bigger-than-expected decline in existing home sales came amid continuing turmoil in mortgage markets.
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Countrywide Financial Corp , the battered mortgage lender being acquired by Bank of America Corp , posted a larger-than-expected fourth-quarter loss on Tuesday, as a sinking housing market caused more borrowers to fall behind on payments.
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Sales of new U.S. homes dipped in  October and inventories rose, but builders boosted prices by  over $30,000 per unit after a sharp decline in home prices a  month earlier, a government report showed Wednesday.