Standard Pacific shares fall 2.5%
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From Times Wire Services
Standard Pacific Corp. shares fell 2.5% after the home builder reported a decrease in orders in the second quarter.
New home orders for April and May fell 12% from a year earlier, the Irvine-based company said.
The company lost 83% of its value in the last year because most of its home sales are in California, where the foreclosure rate in May was the second-highest in the U.S.
Shares of Standard Pacific fell 8 cents to $3.13.
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