The home builder sector on Wall Street is taking it on the chin and is now officially in a bear market, according to CNBC.
Declines in Lumber Liquidators and American Woodmark pushed the Home Construction exchange-traded fund (ITB) into bear market territory, down more than 21 percent from its 52-week high notched in January.
The moves came just after the National Association of Home Builders said that its monthly index of builder sentiment fell 1 point to 67 in August, the lowest level in 11 months. ...
... Almost 80 percent (37 of 47) of ITB components were trading in correction level or worse Wednesday afternoon, including all homebuilding companies.
Beazer Homes USA, which designs and builds family homes for entry-level, move-up, or retirement-oriented home buyers, fell more than 3 percent Wednesday, adding to a 46-percent drop since its 52-week high.
