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The International Herald Tribune reports:
Bonds of U.S. home builders, profitable through April, have turned into the biggest losers this year in the market for debt with ratings below-investment grade.
Debt sold by D.R. Horton, KB Home and other construction companies have fallen an average 3 percent since May 1, saddling investors with losses of about 1.1 percent for this year, including reinvested interest, according to indexes compiled by Merrill Lynch. That is the worst performance of 37 industries tracked by the investment bank.
D.R.Horton reported its'
first quarterly loss in its 28-year history.
Trend may have ended.
