HW 30 stocks follow market up
Exceptions are REITS following rising Treasurys
On a record breaking day for the Dow Jones Industrial average, housing stocks seem to be following the gains seen in the larger market, with the HW 30 stock index up half a percent on the day.
It’s not all rosy, however, as mortgage REITs are feeling the effects of rising Treasury yields, with Annaly Capital Management (NLY) down 1.34%, Redwood Trust (RWT) down 1.29% and American Capital (AGNC) down 1.11%.
Ironically, the biggest gainers — Move (MOVE), up 4.85%, and Zillow (Z), up 1.52% — are locked in a legal battle over Zillow’s hiring of Errol Samuelson, former chief strategy officer at Move and now chief industry development officer at Zillow.
Launched on Aug.1, 2013, the HW 30 equity index is designed to capture the heartbeat of those publicly-traded firms that represent the very backbone of what we at HousingWire have taken to calling the "housing economy" in the United States.