Black Monday hits housing, mortgage finance worse than Dow, Nasdaq

Update: Housing stocks making up some ground, most still in red

[Updated at 1:40 p.m. ET, see Update 1 below]

The Black Monday market collapse is hitting the stocks that drive the housing and mortgage finance economy worse than the major indices in early trading.

The HW 30 — HousingWire’s proprietary list of major players in the space — was down 4.75% as of 10:09 a.m. ET.

That compares to the Dow, down 3.12%, and the Nasdaq, down 4.72% at the same time.

The Street was expecting volatility today — the New York Stock Exchange invoked Rule 48 in an effort to speed up and smooth trading at the market open. The 2007 rule means that designated market makers will not have to disseminate price indications before the bell, making it easier and faster to open stocks.

Ellie Mae (ELLI) was the biggest loser in morning trading, down 10.6%.

But it wasn’t alone. First American Corp. (FAF) was down almost 6%, while Walter Investment Management (WAC) was pushing down close to 7%. Two Harbors Investment (TWO) was also pushing down to close to 7.7%.

Here’s a snapshot of where things stood 10:15 a.m. ET.

Click to enlarge

(Source: HousingWire)

[Update 1 at 1:40 p.m. ET]

The HW 30, like the other indices has made up some of the ground lost in morning trading. The HW 30 stands down about 1.89%.

Ellie Mae is only down 2.93%, while FAF is down just 1.72%, and Walter is back in positive territory by 1.56%.

Here's a snapshot of where it stands now.

Click to enlarge

(Source: HousingWire)

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