Homebuilder ETFs come off lows after housing data show signs of 'stabilization' |
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Mon, 31 Dec 2007 16:39
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NEW YORK (Thomson Financial) - Home construction ETFs bounced off session lows after a trade group report showed Monday a 'stabilization' in the U.S. housing sector in the wake of mortgage disruptions earlier this year.The iShares Dow Jones U.S. Home Construction ETF (ITB) last traded down 0.06% at $17.24. The ETF had earlier touched $16.74, the lowest level since Dec. 4.The S&P Homebuilders SPDR (XHB) rose 0.6% to $18.98.The National Association of Realtors said total existing-home sales rose 0.4% to a seasonally adjusted annual rate of 5 million units in November, from an upwardly revised pace of 4.98 million in October.Economists polled by Thomson/IFR had expected a reading of 4.97 million.'Near term, existing-home sales should continue to hover in a narrower range, just as they have since September, and that's good news because it'll be a further sign that the housing market is stabilizing,' said Lawrence Yun, the association's chief economist.Among individual issues, shares of MDC Holdings Inc. rose 1.1% to $37.47, Ryland Group rose 0.2% to $27.18, and Champion Enterprises Inc. edged up 0.1% to $9.36.Hovnanian Enterprises Inc. gained 0.4% to $6.84, D.R. Horton Inc. was unchanged at $13.10 and Pulte Homes Inc. rose 0.6% to $10.38.Elsewhere, Dominion Homes Inc. added 3% to 34 cents.Toll Brothers Inc. bucked the downward trend, falling 0.7% to $19.92, Levitt Corp. fell 0.3% to $13.06, and WCI Communities Inc. dropped 6.8% to $3.71.Wanfeng Zhouwz/pcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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US December NAHB homebuilders' confidence index at record low for third month 