Sales of U.S. previously owned homes probably plunged in July to the lowest level since March 2009, evidence the market is restrained by foreclosures and limited job growth, economists said before a report today.
PulteGroup Inc. , the largest U.S. homebuilder by revenue, reported a narrower-than-expected first- quarter loss and said it expects to be profitable in the second half of the year. The shares climbed more than 3 percent.
Options traders are pushing bullish bets on PulteGroup Inc. to the highest level in nine years, speculating the biggest U.S. homebuilder will rally even as analysts predict the 18th net loss in 19 quarters.
PulteGroup Inc. and D.R. Horton Inc., the largest U.S. homebuilders, tumbled after reporting lower-than-expected orders, adding to concerns that higher mortgage rates will hamper the nation’s housing recovery.