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Market Overview

Hombuilders Trending Lower Following Housing Starts, Building Permits Readings

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Shares of the SPDR S&P Homebuilders ETF (NYSE: XHB) were trending slightly lower on Tuesday following the worse-than-expected readings on housing starts and building permits for November.

For the month of November housing starts were 1.028 million vs. the 1.04 million estimate, down 1.6 percent month-over-month. Building permits for November were 1.035 million vs. the 1.065 million estimate, down 5.20 percent month-over-month.

Following the data homebuilder stocks were slighlty down:

Hovnanian Enterprises, Inc. (NYSE: HOV) -2.5 percent
D.R. Horton, Inc. (NYSE: DHI) -0.55 percent
Toll Brothers Inc (NYSE: TOL) -0.5 percent
Ryland Group Inc (NYSE: RYL) -0.33 percent
Lennar Corporation (NYSE: LEN) -0.05 percent

 

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