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 Quote)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. ...