Homebuilders Slide On Mortgage Applications Report

NEW YORK (AP) — Shares of homebuilders slid Thursday after the Mortgage Bankers Association said the volume of mortgage loan applications filed to purchase homes dropped last week to the lowest level in nine years.

Home-purchase applications slid 11.7 percent in the week ended Nov. 6 from the week earlier. But applications to refinance existing loans rose 11.3 percent, pushing total application volumes up 3.2 percent.

Also Friday, a report showed the number of homeowners on the brink of losing their homes dipped in October, the third straight monthly decline, as foreclosure prevention programs helped more borrowers. Still, foreclosure filings are up 19 percent from a year ago, RealtyTrac Inc. said.

In late afternoon trading, shares of Toll Brothers lost 46 cents, or 2.2 percent, to $20.95; Beazer Homes USA Inc. dropped 33 cents, or 5.8 percent, to $5.40; Hovnanian Enterprises Inc. fell 16 cents, or 3.6 percent, to $4.24.

DR Horton Inc. climbed edged down 49 cents, or 4 percent, to $11.87; KB Home shed 55 cents, or 3.5 percent, to $15.11; Lennar Corp. lost 56 cents, or 3.7 percent, to $14.55; Pulte Homes Inc. fell 46 cents, or 4.5 percent, to $9.77; Ryland Group Inc. traded 72 cents lower, or 3.6 percent, to $19.52; and Meritage Homes Corp. fell $1.06, or 5.2 percent, to $19.23.