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NEW YORK (AP) - Stocks fell Tuesday as worries mounted that the nation's housing market may be slowing sharply enough to seep into the broader U.S. economy.
A housing index released Tuesday by Standard & Poor's showed that prices of single-family homes across the nation fell in January compared to a year ago, the worst results in more than 13 years.
Also causing concern among investors, Lennar Corp., one of the nation's largest homebuilders, said its first-quarter profit tumbled 73 percent on continued softness in the housing market, and warned it doesn't expect to meet its 2007 earnings guidance.
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