Homebuilders Appear Headed for More Pain

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The S&P Homebuilders Select Industry Index is not having a good year. It’s already down more than 31% year-to-date through Nov. 9, and the storm clouds on the horizon suggest things aren’t going to get much better for homebuilders in the near term.

According to government figures released in late October, the slump in residential construction in the third quarter cut 1.37 percentage points from gross domestic product, the largest drop since the beginning of the Great Recession in late 2007.

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