Reuters: Global Markets: Shares in Mexico's biggest homebuilders tumble

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Shares in Mexico's biggest homebuilders tumble Apr 26th 2013, 14:03 MEXICO CITY | Fri Apr 26, 2013 10:03am EDT MEXICO CITY (Reuters) - Shares in Mexico's biggest homebuilders plunged on Friday as Geo warned it will not meet interest payments on local debt and Homex reported weak first-quarter results. Geo (GEOB.MX), Homex (HOMEX.MX) and Urbi (URBI.MX) are struggling after taking on heavy debt to build suburban developments that have fallen out of favor with Mexicans, who are increasingly buying older homes closer to city centers. Homex shares were down more than 20 percent after the company on Thursday said first-quarter profit fell 87 percent. Separately, Geo said it will fail to meet interest payments on certain local debt due on Friday, according to a statement to Mexico's stock exchange. Geo shares fell more than 20 percent. Earlier this month Geo said it had hired advisers to help restructure its debt.

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