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Peter Boockvar, OnePoint BFG Wealth Partners, joins 'Fast Money' to talk the state of the housing market.
US homebuilder sentiment tumbles to near 14-1/2-year low in October
Launched on May 1, 2006, the iShares U.S. Home Construction ETF (ITB) is a passively managed exchange traded fund designed to provide a broad exposure to the Consumer Discretionary - Broad segment of the equity market.
Housing affordability has sharply deteriorated, with median income well below what's needed for the median home price. Rising interest rates and increased use of mortgage buydowns, especially temporary ones, pose mounting risks for both consumers and homebuilders.
Rising yields are sending mortgage rates sharply higher and damaging the housing market.
The Nasdaq 100 carved out a fresh intraday record by midday Tuesday as the artificial intelligence trade powered ahead.
The Fed's likely rate hike could create opportunities and risks across ETFs, with value, technology and energy in focus while homebuilders, leisure and small-caps face pressure.
Home builder stocks have been battered by rising mortgage rates, but a valuation signal has historically preceded strong returns for the sector.