Big homebuilder buying back shares

THE ASSOCIATED PRESS

BLOOMFIELD HILLS, Mich. -- Pulte Corp., the nation's largest homebuilder, plans to buy back up to $100 million, or 12 percent, of its stock in the wake of a 36 percent drop in its share price over the past 12 months.

The shares of homebuilders have tumbled on concern that rising interest rates will slow housing sales and on rising costs.

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