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Homebuilders react to fewer foreclosures

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After falling sharply over the two prior sessions home builders got a bounce Tuesday with DR Horton (DHI) the best-performing stock in the S&P 500, joined by PulteGroup (PHM) and Lennar (LEN) among the leaders.

A May report on foreclosures from CoreLogic (CLGX) showed a sharp decrease from a year ago, with about 1 million homes in some stage of foreclosure, 29% fewer than a year ago. Completed foreclosures totaled 52,000, down 27% from May 2012.

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Source: Forbes
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