December 31, 2007 at 2:30 pm by Tom Lydon
Home construction exchange traded funds (ETFs), which have been kicked around for much of the year, had a little more bounce in their step today after some good news.
According to a report on CNNMoney, the National Association of Realtors announced "stabilization" in the housing sector and that existing-home sales rose 0.4% in November. With that news, the iShares Dow Jones U.S. Home Construction (ITB) ended the day up 2.2%. The S&P Homebuilders SPDR (XHB) finished up 2.5%. Overall, those ETFs are down this year 56.8% and 46.5%, respectively.
For the near future, existing-home sales should continue to hover in a narrower range. We’ll take positive news where we can find it, though.
Tags: Homebuilders, Real Estate, Sector ETFs
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