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Testimony by the two top U.S. economic officials on Wednesday raised fresh concerns in financial markets about the deteriorating housing market, despite their view that subprime mortgage problems are "contained."
Beazer Homes USA , the sixth-largest U.S. home builder, on Wednesday confirmed it is cooperating with federal prosecutors in a probe relating to its mortgage business. Beazer's shares were off 12% in premarket electronic trading after earlier falling 18% to their lowest level since August 2003.
Stocks are under pressure ahead of the opening as the influence of jittery oil markets adds to the week's mounting worries about the state of U.S. housing and its potential impact on the economy. Stock futures look sharply lower, and the dollar dipped after reports of weaker than expected durable goods orders.
The guys go behind the headlines and give you the traders' take on: ITT's fine for releasing info to China, the Beazer Homes criminal probe, and more. Find out where they see fast money.
U.S. authorities are investigating the lending practices and some other dealings at Beazer Homes USA, one of the largest U.S. home builders. Beazer's stock fell nearly 17% in after-hours trading.
Beazer Homes Chief Financial Officer James O'Leary has resigned to become President and Chief Executive Officer- Elect of Kaydon.
Stocks inched their way to a positive close after a sharp reversal in oil eased selling pressure and a late buying spree broke out in internet stocks.
Stocks suffered their biggest pullback in two months as a disappointing bond auction and a lackluster report on sales of existing homes halted the market's two-day rally.
The builder said it has "yet to see any meaningful evidence of a sustainable recovery in the housing market."
Last week the Secretary of the Treasury, Hank Paulson, was asked if the residential real estate market had bottomed. He refused to answer the question. But as we approach the New Year, that is arguably the biggest question in real estate. The spring season is right around the corner, traditionally the busiest for buying and selling, and many believe it will tell the true story of the state of the market.