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Homebuilder Pain Spreads

Stock quotes in this article: PHM , BZH , DHI , CTX  

Pulte Homes(PHM Quote) and Beazer Homes(BZH Quote) became the latest builders to slash guidance amid a drop in earnings and orders as the U.S. housing market continues to slow.

Meanwhile, government data Thursday showed that sales of new homes came in lower than economists expected and inventories continued to spike.

Pulte said late Wednesday that its second-quarter earnings from continuing operations fell to $243.9 million, or 94 cents a share, from $305.2 million, or $1.16 a share, a year earlier. Analysts expected earnings from continuing operations of 90 cents a share, according to Thomson First Call. ...

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