Builders stabilize as lower prices drive sales

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Home builders reported encouraging signs of stabilization in the housing market, but they cautioned that foreclosures and rising interest rates cloud the outlook.

Two big builders, Toll Brothers Inc. and Hovnanian Enterprises Inc., said losses in the fiscal second quarter ended April 30 shrank from year-earlier levels, as lower prices lured some buyers back into the market. While it’s too early to see the bottom of this housing downturn,the latest data may signal that the market is beginning to stabilize.

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