(Reuters) - Home builders were dealt a fresh blow on Tuesday after Countrywide Financial Corp. , the largest U.S. mortgage lender, posted a 33 percent decline in quarterly profit and cut its 2007 earnings forecast as more homeowners fell behind on payments.
The news followed statements last week from the chief executive of KB Home , the No. 5 U.S. home builder, that he does not expect the overall U.S. housing market to bottom out until the end of next year, and that prices will not increase until well into 2009.
Read more at Reuters.com Business News
The news followed statements last week from the chief executive of KB Home , the No. 5 U.S. home builder, that he does not expect the overall U.S. housing market to bottom out until the end of next year, and that prices will not increase until well into 2009.
Read more at Reuters.com Business News
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