US Home Builder Has "Underperforming" Markets
The big home builders are the front cheering squad for the housing bubble. But an accounting move forced one corporation to fess up. Beazer Homes USA Inc. will write off an undisclosed portion of $130 million related to an aquisition.
The announcement put the firm in the unusual position of admitting some market weakness. AP reports, "While the company remains committed to the Indiana, Ohio, Kentucky and Charlotte, N.C., markets, they presently suffer from relatively weak local economics and severe price competition." the press release said.
The companys stock took a dive; down over 4% on the session and giving up another 1%+ after hours. The sector was down as a whole today.