NEW YORK-- Shares of homebuilders tumbled Thursday on a report that U.S. builders broke ground on fewer homes in April, but analysts said the drop could be looked at as a buying opportunity. According to the Commerce Department, builders started construction at a seasonally adjusted annual rate of 853,000, a 16.5 percent drop from the March pace of 1.02 million.
*1st- quarter loss $0.16/ share vs est. loss $0.22/ share. *To invest more than $1 billion in 2013 on land acquisition. March 21- KB Home, the fifth-largest U.S. homebuilder, plans to invest more than $1 billion this year on land acquisition and development as it steps up growth initiatives amid a strong U.S. housing recovery.
Stock index futures hovered around the flatline Thursday following the weekly jobless claims report, while uncertainty in Cyprus kept investors on edge.
*Lennar Corp, Toll Brothers enter rental market as demand shifts. March 12- Battered by the financial crisis, homebuilders in the United States are adopting a targeted approach to growth as the cyclical housing market swings upward again.