The Mortgage Bankers Association said seasonally adjusted index of mortgage application activity rose 0.1% in the week ended July 17, Reuters reports.
“The rise in existing home sales to their highest level since before the financial crisis provides further evidence that the housing recovery has shifted into a higher gear,” Andrew Hunter, an associate economist in London for Capital Economics, said.
The ProShares Ultra Homebuilders & Supplies (NYSEArca: HBU) and the ProShares UltraShort Homebuilders & Supplies (NYSEArca: HBZ) will offer double leverage long and inverse performance of the Dow Jones U.S. Select Home Construction Index, the underlying benchmark for ITB. However, potential investors should be aware that the funds are relatively new and show low trading activity, so use limit orders to better control trades.
iShares U.S. Home Construction ETF
For more information on the housing market, visit our homebuilders category.
Max Chen contributed to this article.