Real Estate
High-profile environmental advocate Erin Brockovich has been investigating possible health-damaging chemicals at a Lennar LEN housing community in South Carolina. Next week, she will be unveiling test results that, she says, confirm the existence of methane and hazardous chemical contaminations at the site that are "of concern," TheStreet.com has learned. Such findings would run contrary to a recent ruling by the Environmental Protection Agency. Certain residents at Lennar's Pebble Creek community in the Westcott Plantation section of Charleston, S.C., have complained about health problems such as headache and fatigue for several years now. They claim these health issues may be related to possible benzene, methane and other VOC contamination at the community. VOCs are "volatile organic compounds" that can easily vaporize and enter the atmosphere and disrupt air quality. Some VOCs, such as benzene (which is emitted from tobacco smoke, among other places), are known carcinogens.
A Regulatory All-Clear
Last year, the EPA tested the air quality of 19 homes in the community and found methane levels, but the agency concluded that all of the homes were "significantly below the lower explosive limit for methane." High levels of methane can lead to explosions and asphyxia. In October, the EPA issued a final report on the matter that said the corrective actions on the part of Lennar had mitigated the danger from the methane. The EPA also concluded that "no release of other VOCs (defined as hazardous substances) to the environment have occurred." Now Brockovich is headed back to Charleston next week to discuss testing results that appear to contradict the EPA ruling -- raising the possibility of a lingering high-profile legal battle with Lennar.Despite a swath of interest rate cuts since September, the industry has continued to decline. So what's eating these stocks?
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