Homebuilders fall as housing starts crevice to nine-month low

Shares of U.S. home builders are lower on Wednesday after the U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced new residential construction statistics for June 2018. Housing starts fell 12% to a seasonally adjusted annual rate of 1.173M units in June, "the lowest level since September 2017," the Commerce Department said. Building permits fell 2.2% to a rate of 1.273M units, the lowest level since September 2017. PRICE ACTION: The entire homebuilder group, including PulteGroup (PHM), D.R. Horton (DHI), Lennar (LEN), KB Home (KBH), Meritage Homes (MTH), Beazer Homes (BZH), and Toll Brothers (TOL), are lower in afternoon trading.