Homebuilder ETFs are down so far today, as well as year-to-date:
- SPDR S&P Homebuilders (XHB), down 14.3% year-to-date
- iShares Dow Jones US Home Construction (ITB), down 18.9% year-to-date
Shares
of homebuilders have slumped for the fourth quarter in a row, with any
recent gains getting erased coupled with disappointing second-quarter
results and a glum outlook, reports Michelle Rama for Forbes.
Companies such as KB Home (KBH) and Lennar (LEN) are disappointing many with low second quarter numbers. Lisa LaMotta for Forbes reports
that these companies are suffering from the low confidence
within the housing sector.
In more positive news, U.S. manufacturing activity rose for the first time in five months in June because of strong exports, reports Ellen Simon for the Associated Press. Inventories were still on the rise, though, and prices jumped for every commodity except copper.