BOSTON -- SPDR S&P Homebuilders ETF was off more than 1% Tuesday morning after the National Association of Home Builders/Wells Fargo housing market index remained unchanged at 16 for the third straight month in January. "At this point, housing remains on the sidelines of a weak economic recovery as consumers and builders wait for clear and consistent indications that jobs and economic output are reviving," said NAHB Chief Economist David Crowe. Beazer Homes USA Inc. and Meritage Homes Corp. were both down more than 5% to lead the decliners in the home-builder sector. UBS downgraded Meritage to sell on valuation, while CRT Capital Group cut Meritage and Beazer to fair value from buy.

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