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%.
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.