Homebuilder stocks tank

July 24, 2007 12:00AM

Homebuilder stocks hit their lowest point in a year yesterday. The dip comes as a number of companies announce weak second-quarter earnings this week. Construction material supplier USG Corp., for example, posted a significant drop in profits because of price cuts on its Sheetrock wallboard. In announcing its second-quarter earnings, the firm said that “the housing recession is entering the second year of what is likely to be a multiyear downturn.” more [The Street]

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