Homebuilder Gets De-Listing Notice

BENSALEM, Penn. (TheStreet) -- Orleans Homebuilders(OHB), the $38 million market cap homebuilder -- whose third-quarter earnings are weeks overdue -- announced after the market close on Monday that is had received a written notice from the NYSE Amex stating that the Company is not in compliance with the Exchange's continued listing criteria.

Orleans failed to timely file its quarterly Form 10-Q for the period ended September 30, 2009. The NYSE written notice stated that the failure to file the Form 10-Q constitutes a material violation of the listing agreement with the NYSE and authorizes the Exchange to suspend and, unless prompt corrective action is taken, remove the Company's common stock from the exchange.

The continuing saga with beleaguered Orleans was just the grimmest reminder of the woes of the homebuilding sector, and Monday was a particularly, though typically, down day for the sector. Almost every one of the major homebuilders was down on Monday, led by losses at KB Home(KBH) and Lennar(LEN). Lennar was down 3.5% on Monday, while KB Home was down 3%.

Meritage Homes (MTH)and Standard Pacific(SPF)managed gains of 0.8% and 1.2% respectively.

The brightest recent story in the homebuilding sector -- and biggest gainer on Monday -- was Brookfield Homes(BHS). Brookfield was up 2.5% Monday on slightly higher than average volume, picking up right where it left off last Friday when it was the sector's biggest gainer.

Over the past week the Brookfield shares have gained approximately $1, though it's been an up and down story for Brookfield, as with all homebuilders. It is still more than $2 off a three-month high of $8.33 reached in September. Its 52-week high is $8.46