Hit by the current economic times and the fact the spending capacity of customers is at an all time low, Masco Corp, manufacturer of home improvement and building products, posted declining third quarter profits on Monday. According to the figures posted, company sales fell by a total of 17% in the three month up-to September end.

Owing to factors like a fall in prices, lower interest rates, and a tax credit for first-time home buyers, the US home sales registered a 3.8 percent increase in the second quarter, as compared to the numbers in the first quarter.

U. S. third-largest homebuilder, Lennar Corp posted a huge loss for the second quarter as sales fell and the company wrote down the value of its assets.

Lennar Corp. posted a loss of $125.2 million, or 76 cents a share for the second quarter, compared with a loss of $120.9 million, or 76 cents a share a year ago.