Reported 2 days ago
Wall Street experienced a selloff in homebuilder stocks, with all members of the S&P Composite 1500 Homebuilding Index falling after Toll Brothers Inc. reported a revenue miss and raised concerns over high mortgage rates and unsold inventory. The luxury homebuilder's disappointing forecast and increasing production of lower-priced spec homes contributed to fears of diminishing profit margins in the housing market, further complicating the outlook for homebuilders who had recently benefited from a surge in demand.
Source: YAHOO