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On a day when the Nasdaq plunged, housing stocks were surprising winners.
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
Annex Advisory Services LLC bought a new stake in shares of SPDR S&P Homebuilders ETF (NYSEARCA:XHB) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 622,371 shares of the exchange traded fund's stock, valued at approximately $59,766,000. SPDR
Berkshire is moving into the homebuilding industry, but high mortgage rates have hurt the sector.
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.
Home builder stocks have been battered by rising mortgage rates, but a valuation signal has historically preceded strong returns for the sector.
The State Street SPDR S&P Homebuilders ETF (XHB) was launched on 01/31/2006, and is a smart beta exchange traded fund designed to offer broad exposure to the Industrials ETFs category of the market.