Home Builders (XHB) Leading Markets South
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SPDR S&P Homebuilders ETF (NYSE: XHB) is getting hammered today, and is down over three percent in a broad market sell off.
Homebuilder stocks are getting hit especially hard after pending home sales came in lower than expected. The NAR said on Wednesday that its Pending Homes Sales Index fell 5.5 percent to its lowest level since December, at 95.5. The disappointing levels of sales undermines yesterday's somewhat positive data that suggested housing prices may have bottomed in some areas of the country.
Homebuilder stocks are getting hit especially hard after pending home sales came in lower than expected. The NAR said on Wednesday that its Pending Homes Sales Index fell 5.5 percent to its lowest level since December, at 95.5. The disappointing levels of sales undermines yesterday's somewhat positive data that suggested housing prices may have bottomed in some areas of the country.
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