Homebuilder Watch: Stock Slump Hits Day 10, Longest in 15 Years
The S&P 500 is up about 2.5% this year, even after Friday’s rout, while the homebuilders are down about 8%. What’s going on?
A set of blueprints sit in front of a contractor cutting lumber for a house under construction in Louisville, Kentucky.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
Shares of U.S. homebuilders are now in their 10th straight day of decline, the longest losing streak for the sector since 2002, when it lasted 11 days. And this after performing four times as well as the broader market last year.
Blame borrowing costs for spooking investors, who worry the shares will decline as rising interest rates make housing more expensive.