Wall Street Futures Ebb Before NAHB Report 

U.S. Stocks-index futures ebbed on Tuesday, signaling the Standard & Poor's will tumble following a four-year high, as traders anticiapted a National Assocaiton of Home Builders report that may show a stabilizing residential real-estate market in the U.S.

As of 06:10 a.m. in New York, Futures on the Dow Jones Induatrial Average expiring in June fell 0.42 percent to 13,111 areas. The Standard & Poor's 500 Index futures dropped 0.55 percent to 1,396.20, after the benchmark yesterday closed above the 1,400 Milestone.

Home builders in the U.S. started on homes at a 700 thousand annual pace and building permits, a measure of future constuction, rose at a 686 thousand annual rate in February, National Assocaition of Home builders report may show today at 08:30 a.m. in Washington.

Analysts' median estimates are little up from the figures reported on Feb. 16. Back then, the NAHB said housing starts rose 1.5 percent at a 699 annual rate in January and building permits inclined 0.7 percent to a 676 thousand annual pace, both backed by warmer weather, and of course, falling mortgage rates.

With gradually improved employment situation, record-low mortgage rates continue to seduce buyers and improve home affordability. Rates on 30-year loans have been below 4 percent for the three months, adding to signs this year could mark a U-turn for the depressed housing markets. 

Nontheless, builders and contractors have their own reasons to be cautiously optimistic, even with a strenghthening job markets, where many believe, including the Federal Reserve, recent employment gains and falling jobless rate underestimates the labor market weakness.