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Standard Pacific shares fall 2.5%

June 18, 2008|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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