Alpine's Lieber Still Hopeful on Housing
Hurricane Katrina could buoy plummeting homebuilding stocks and REIT funds.
The average REIT fund is down 6% over the past month, according to Morningstar, and the Philadelphia housing sector index has fallen more than 9%. The severe downdraft has got real estate investors on edge, wondering if the end of the so-called housing bubble is finally at hand.
One voice of calm in an otherwise worried marketplace is Sam Lieber, portfolio manager for the $900 million (EUEYX)Alpine U.S. Real Estate Equity fund. Lieber says the latest pullback is not unusual and certain sectors could even benefit from rebuilding projects associated with Hurricane Katrina.
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