Home Builders Mostly Lower on Case-Shiller Prices
Markets are offering up modest gains this morning as the Case Shiller Home Price Index’s composite reading of the 10 major metropolitan areas showed prices flat, year over year, compared to an expected decline of 3%.
Month to month, the index rose 0.4% in the 10 major metropolitan readings, on a seasonally adjusted basis. That was higher than the 0.3% gain expected. On an unadjusted basis, prices continued to fall month over month, by 0.2%, as expected.
The Standard & Poor’s 500 is up a fraction at 1,173.53, and the Dow Industrials are up 10 points at 10,905.91, but losing momentum rapidly.
Home builders are mostly lower on the news, with Pulte Homes (PHM) down 7 cents, or half a percent, at $11.55, and Toll Brothers (TOL) down 5 cents at $21.02.
http://blogs.barrons.com/stockstowatchtoday/2010/03/30/home-builders-mostly-lower-on-case-shiller-prices/