Home Construction Falls Off, ETFs Shoot Up
April 16th at 11:00am by Tom Lydon
Are investors finding bargain opportunities with home construction exchange traded funds (ETFs)?
The Commerce Department reported today that home construction dropped in March to a 17-year low, by 11.9%, reports Martin Crutsinger for the Associated Press. Building permits also fell last month.
With the, the iShares Dow Jones US Home Construction (ITB) and the SPDR S&P Homebuilders (XHB) shot up more than 4% midday. Both funds are up year-to-date, too: ITB is up 14.5%, while XHB is up 12.5%.
