Homebuilder and construction stocks enter bear market

Stocks of major home construction companies fell on Wednesday, beleaguered by a slump in U.S. equity trading and a decline in homebuilder sentiment. Declines in Lumber Liquidators and American Woodmark pushed the Home Construction exchange-traded fund (ITB) into bear market territory, down more than 21 percent from its 52-week high notched in January. The moves came just after the National Association of Home Builders said that its monthly index of builder sentiment fell 1 point to 67 in August, the lowest level in 11 months.

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Source: CNBC