NEW YORK (Thomson Financial) - Shares of homebuilders rallied Tuesday, after
data showed that new home construction activity fell a little less than
expected.
The iShares Dow Jones U.S. Home Construction ETF (ITB) was up 2.1% at
$17.86, with 19 of its 21 components gaining ground.
The U.S. Commerce Department said earlier that November housing starts fell
3.7% to a 1.187 million annual rate. The median estimate of economists surveyed
by IFR Markets was for a decline to 1.18 million. October starts, however, were
revised upward by 4.2%.
Building permits fell 1.5% to 1 1.152 million unit rate, better than
expectations of a decline to 1.14 million.
Among the ITB's most heavily-weighted components, NVR Inc. tacked on 3.3% to
$524.50, D.R. Horton Inc. gained 0.7% to $13.63, Toll Brothers Inc. advanced
2.2% to $21.14, Centex Corp. added 1.9% to $24.82, Ryland Group rose 1.3% to
$27.18 and KB Home climbed 1.9% to $22.62.
Tomi Kilgore
tk1
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