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New York – Shares of U.S. homebuilders, including Pulte Homes Inc. and Ryland Group Inc., rallied after Meritage Homes Corp. said the housing market may be improving.
A Standard & Poor’s measure of home construction companies rose 4 percent, the biggest gain since January. It is down 22 percent over the past year. Meritage jumped 13 percent, its biggest gain since 2001.
While the Scottsdale, Ariz.-based company reported an 81 percent drop in profit in the first quarter amid weak demand, Meritage forecast 2007 profit that exceeded analysts’ estimates and said its cancellation rate improved.
