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NEW YORK (AP) — Homebuilder stocks declined Thursday after an analyst note quashed hopes that the housing market was seeing the start of a recovery.
In a client note on Thursday, Deutsche Bank analyst Nishu Sood said disappointing quarterly results from major homebuilders in the last weeks, even after upbeat reports from KB Home and Lennar Corp., show that the housing market has yet to turn around.
"It was widely assumed that subsequent earnings reports would build upon KB and Lennar's momentum; instead, other builders results were uniformly disappointing," the analyst wrote. ...
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