Homebuilders dragged down by Meritage, rate fears

(Reuters) - The U.S. housing market began declining last year as higher interest rates and home-price sticker shock spooked potential buyers. The meltdown in lending to those with checkered credit histories, also referred to as subprime borrowers, has exacerbated the drop.




Meritage warned on Wednesday that weaker sales and higher cancellation rates in the past two months would prevent it from achieving its April earnings and revenue forecasts.


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