Another rough day for the HW 30
Housing, mortgage stocks fall
After opening post-holiday trading on a weak note, the HW 30 fell again Tuesday as mortgage and housing stocks tumbled a bit.
The index of mortgage finance and housing stocks fell 0.82% on the heels of a 0.49% drop just a day earlier.
The looks of mortgage stocks painted a rather dreary picture.
Homebuilders didn't fare much better.
However, one homebuilder managed to overcome the downward trend. Lennar Corporation (LEN) finished the day up 0.37% and rose 11.78% over the past three months.
The homebuilder was just awarded $1 billion in damages by a civil jury against California developer Nicolas Marsch III and his company, Briarwood Capital. The deal conclusively ended seven years of litigation.
"While collecting the award is doubtful, the true value of the verdict is the validation of our integrity, credibility and transparency, which have always been cornerstones of our foundation," said Lennar's CEO Stuart Miller. "The jury award represents a complete vindication of Lennar's reputation and good name."
Meanwhile, other top indices also completed the day down, with the Dow and S&P 500 both dropping 0.59% and 0.32%, respectively.