Homebuilder stocks fall after more weak pending home sales data

Homebuilder stocks fall after more weak pending home sales data

Shares of companies in the home construction sector took a broad beating Wednesday, in the wake of more weak data on pending home sales. The National Association of Realtors said Wednesday that pending home sales in October fell 4.6% from September, the fifth-straight monthly decline, with year-over-year pending transactions dropping 37.0%. "October was a difficult month for home buyers as they faced 20-year-high mortgage rates," said NAR Chief Economist Lawrence Yun. The iShares U.S. Home Const