Housing
New Homes Sales Wreck Housing Players (HD, LOW, ITB, XHB)
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The housing data keeps coming in with a mixed fan-fare. The new home sales in America for the month of February fell 1.6% to 313,000 versus a Dow Jones consensus target of 325,000. January was also revised slightly lower to 318,000 from 321,000. What is interesting is that the news comes at a time when so many market pundits are calling the bottom of housing. It is also interesting that the rates for mortgages were lower in February and the March data that is surfacing indicates that weekly activities in new mortgages and in refinance mortgages. Maybe housing is bottoming out, maybe not. The data is still mixed even if this is just one of several key components which comprise a full 360-degree review of the U.S. housing market.
The Home Depot, Inc. (NYSE: HD) shares are down 1.8% at $48.78; Lowe’s Companies, Inc. (NYSE: LOW) is now down 2.6% at $30.13. iShares Dow Jones U.S. Home Construction ETF (NYSE: ITB) is now down 3.7% at $14.29 on more than 1 million shares; SPDR S&P Homebuilders (NYSE: XHB) is down 2.8% at $20.74.
JON C. OGG
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