Homebuilder ETFs Run On Housing Data (XHB, ITB)
The new home sales data is showing a very mixed bag, with a bit of a positive twist to it. We are seeing a run up in the SPDR S&P Homebuilders (NYSE: XHB) and the iShares Dow Jones US Home Construction (NYSE: ITB) as a result. March-2009 new home sales came in at a rate of -0.6% down to 356,000 on an annualized basis. We had consensus estimates pegged at 337,00 from Dow Jones and 330,000 from Bloomberg. February was given a sharp revision to its already high +4.7% to a higher +8.2%.