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    n average 2% through April. Many investors remained confident that the housing market would be able to handle
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    US home builders' bonds have become the biggest losers in the market for debt, with ratings below investment grade.

    The debt sold by D.R. Horton Inc., KB Home and other construction companies has fallen an average 3% since May, leaving investors with losses around 1.1% for the year, including reinvested interest.

    It equals the worst performance of the 37 industries tracked by Merrill Lynch & Co.

    The bonds returned an average 2% through April. Many investors remained confident that the housing market would be able to handle

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    The debt sold by D.R. Horton Inc., KB Home and other construction companies has fallen an average 3% since May, leaving investors with losses around 1.1% for the year, including reinvested interest.

    It equals the worst performance of the 37 industries tracked by Merrill Lynch & Co.

    The bonds returned an average 2% through April. Many investors remained confident that the housing market would be able to handle

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    e 3% since May, leaving investors with losses around 1.1% for the year, including reinvested interest.

    It equals the worst performance of the 37 industries tracked by Merrill Lynch & Co.

    The bonds returned an average 2% through April. Many investors remained confident that the housing market would be able to handle

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    t equals the worst performance of the 37 industries tracked by Merrill Lynch & Co.

    The bonds returned an average 2% through April. Many investors remained confident that the housing market would be able to handle

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    n average 2% through April. Many investors remained confident that the housing market would be able to handle higher interest rates. Yet, with continued increases in rates in both May and June, mortgage rates went to the highest levels in over four years.

    The index measuring home-builder confidence has fallen to the lowest level since 1991 for July.

    "You have to ask yourself if the worst is over or yet to come," said Timothy Compan, head of corporate bond strategy at Allegiant Asset Management.

    The extra spread that investo

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