Two Ways To Play: Home Prices Cave In
Strengthen your portfolio in good times and bad.
The S&P/Case-Shiller home price index fell 15.8% annually which was the largest drop since records were kept seven years ago. It was the second month in a row all of the 20 cities covered in the index showed a year-over-year decline. Leading the ugly pack were Las Vegas and Miami. On a month-over-month basis, 13 of the 20 cities covered showed a drop in prices with the same two cities leading that bunch.
Meanwhile, the Confidence Board's confidence index came in at 51.9 just above a 51 reading last month. But that reading stayed near a 16-year low as Americas became more concerned about job prospects.
For another perspective on our economy, see Professor Kevin Depew's Five Things You Need To Know.
From the Bull Pen: Professor Quint Tatro mentioned on the buzz a play in the "double juiced" financials (UYG). Bulls can consider that vehicle for a potential followthrough.
From the Bear Cave: Was today's rally in the homebuilders a rush to value? Or was it a short-squeeze sparked by the financials? We've mentioned downside plays in the real estate ETF (IYR) and bears can consider downside entry into the $63-65 range.
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