Thursday, August 09, 2007

Housing Stocks BUCK THE MARKET Collasp

Dow Sinks 387 on Renewed Credit ConcernsThursday
August 9, 6:45 pm ET By Tim Paradis, AP Business Writer
Dow Plunges 387 on Deepening Fears About a Spreading Credit Crunch
NEW YORK (AP) -- Wall Street's deepening fears about a spreading credit crunch sent stocks plunging again Thursday, with the Dow Jones industrials extending their series of triple-digit swings and falling more than 380 points. The catalyst for the market's latest skid: a French bank's announcement that it was freezing three funds that invested in U.S. subprime mortgages.

Dow sees 2nd worst day of '07
Credit fears send stocks tumbling, with the industrials posting its biggest one-day point loss since February; bond prices surge in 'flight-to-quality' move.
By David Ellis and Alexandra Twin, CNNMoney.com staff writers
August 9 2007: 5:53 PM EDT
NEW YORK (CNNMoney.com) -- Stock slumped Thursday, with the Dow suffering its second worst session of the year as worries about the global credit market sparked a broad selloff in equities, following a three-session rally.

Additionally, AIG, one of the world's largest insurance companies, warned Thursday morning that it is seeing mortgage delinquencies spreading from subprime to prime. The company also reported higher-than-expected quarterly earnings late Wednesday. AIG (down $2.18 to $64.30, Charts, Fortune 500) lost 2.5 percent, recovering from a 5 percent plunge at the open.

Reuters
Subprime lender NovaStar posts big loss
Thursday August 9, 7:04 pm ET
NEW YORK (Reuters) - NovaStar Financial Inc. (NYSE:NFI - News) a struggling subprime mortgage lender, on Thursday posted a large second-quarter loss, hurt by rising credit losses and a writedown of home loans still on its books


BZH BEAZERHOMESUSA INC $16.76 +11.66%
DHI DRHORTON INC $18.57 +0.11%
LEN LENNARCP CL A $36.48 +1.25%
RYL RYLANDGROUP INC $38.44 +2.59%
TOL TOLLBROTHERSINC $25.15 +3.37%

Permits are LOOKING GOOD. The Future looks BETTER

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