One thing that could be hurting the financial ETFs is their small-cap exposure, says John Spence for MarketWatch. The boost that small-caps saw earlier this summer came largely from investors looking to buy low in the beat-up financial sector, but today the enthusiasm is waning.
Existing home sales rose 3.1% last month, which was nearly twice the expected amount, says Alan Zibel for the Associated Press. But the number of unsold homes managed to hit a record high, and prices are still not at their bottom, experts say.
Home sales are off 13% from a year ago, and prices are down 7.1% in the same timeframe.