Homebuilder stocks have lagged far behind the broader market during Wall Street’s swoon this year, weighed down by fears that rising mortgage rates could severely dampen sales
One prominent exchange traded fund, the SPDR S&P Homebuilders ETF, is down about 26% this year, and many of the biggest homebuilders are down even more. Meanwhile, the benchmark S&P 500 is down just 5%.
Higher loan rates make it even harder for would-be buyers, especially after the sharp run-up in home prices over the past few years. “Simply put, there is a shortage of shelter and the cost to own is still relatively attractive versus renting in the fastest growing U.S. markets,” the analysts wrote.
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