Homebuilder ETF falls for 23rd time in 25 sessions after disappointing housing starts data

Homebuilder ETF falls for 23rd time in 25 sessions after disappointing housing starts data

The homebuilder sector continued its long stretch of losses Friday, in the wake of another disappointing data point on the housing market. The SPDR S&P Homebuilders ETF XHB, -1.37% dropped 1.5% with 32 of 35 equity components trading lower, putting the ETF (XHB) on track for its lowest close since Dec. 2, 2016. The selloff comes data out early Friday showed that existing home sales fell 3.4% in September to a seasonally adjusted annual rate of 5.15 million, the fastest pace of monthly declines in about three years, and below the average estimate of economist surveyed by MarketWatch of a 5.27 million rate. The XHB is headed for the 23rd decline in the past 25 sessions, a stretch that included a 13-session losing streak that was the longest in the XHB’s history by a wide margin. The XHB has tumbled 16% over the past 25 sessions. Over the same time, the S&P 500 SPX, +0.09% has slipped 4.6%.

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