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.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.