The National Association of Realtors reports March sales of existing
homes on Tuesday amid continued sluggish demand in the sector.
Analysts are expecting a lower reading than a year ago, when the
housing sector was at the beginning of what has become an
extended slump.
The market expects that 6.45 million existing homes were sold
during the month, down slightly from 6.69 million in February.
Standard & Poor s also releases its February index of home prices on Tuesday.
Shares of major homebuilders fell across the board Monday after
Wachovia Securities reiterated a "Neutral" rating on D.R. Horton
Inc., saying it expects orders and profit margins to remain pressured at least through 2007.
Shares of D.R. Horton -- one of the nation s largest homebuilders -- declined 80 cents, or 3.4 percent, to close at $22.59 on the New
York Stock Exchange.
The stock is down 14.7 percent year-to-date.
Earlier this month, the company reported an 85 percent plunge in
fiscal second-quarter profit, and its chief executive said the weak
housing market will continue into 2008.