follow Patrick following
follow Patrick 2018 May 24, 9:07pm
545 views 1 comments
Housing stocks, among the top performers of 2017, are biting the dust.Homebuilders as a group, measured by the U.S. home construction ETF ITB, has sunk over 12 percent this year; that places the group on pace for its worst year since 2008, when it lost 44 percent, and its first negative year since 2011. ...The recent rise in interest rates has pushed mortgage rates to a seven-year high, and affordability is clearly becoming an in issue. Although shares of Lowe's soared 10 percent on Wednesday following the company's quarterly earnings, it missed Wall Street's forecasts for quarterly same-store sales. This could signal the market is slowing down.