It's the midway point of a housing report trifecta this week and investors are apparently into the mood to pummel the housing sector in response.
Standard & Poor's/Case-Shiller National Home Price index
said that home prices plummeted a record 19.1% in the first quarter. Today, the National Association of Realtors reported that while
existing home sales
grew 2% in April, home prices continued to fall and unsold home inventory grew. Tomorrow morning, the Commerce Department will weigh in with their new home sales figures.
A quick survey of housing-related stocks shows that most were hurting in the afternoon.
Home-improvement retailers took the brunt of investors' frustrations today. Almost all of the major stocks in the sector were changing hands in negative territory, led by
(SHW - Get Report)
3.7% drop to $53.22.
(LOW - Get Report)
was changing hands at $19.71, or down 33 cents, while rival
(HD - Get Report)
was down 38 cents at $23.42.
On the eve of the new home-sales report, homebuilder shares were mixed by the post-noon period, though many of the big names were toiling below yesterday's closing prices.
was coming in at $9.31, gaining 1% on the day by the afternoon.
(PHM - Get Report)
was down by early afternoon, but trading in positive territory late, changing hands at $9.66 or up 5 cents. But
(TOL - Get Report)
was at $18.32, down 23 cents or 1.24%.
(LEN - Get Report)
saw its shares give up 16 cents, or 1.5%, by the afternoon.
Some of the biggest names in the home-furnishings group were also in the red.
(MAS - Get Report)
was changing hands down 30 cents, or nearly 3%. Neither
(ETH - Get Report)
(KNL - Get Report)
were fairing much better, giving up 4 cents and 11 cents respectively since yesterday's close.