Housing Sector Falls on Latest Reports

Housing-related stocks are falling across the board this week, on the heels of two of the week's trifecta of housing reports.

Author:
David Moss
Publish date:
May 27, 2009 3:56 PM EDT

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.

Yesterday, the

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

Sherwin-Williams'

(SHW) - Get Sherwin-Williams Company Report

3.7% drop to $53.22.

Lowe's

(LOW) - Get Lowe's Companies, Inc. Report

was changing hands at $19.71, or down 33 cents, while rival

Home Depot

(HD) - Get Home Depot, Inc. 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.

Scroll to Continue