Credit: Shutterstock photoFinancial sector exchange traded funds (ETFs) are being dragged down by issues with foreclosure problems at U.S. banks, which is continuing to cast a pall over the financial stocks.
UBSiShares MSCI Switzerland (NYSEArca: Mortgage Scandal Weighs Financial ETFs.]
Ford Motor Company (NYSE: F ) reported a nice jump in third-quarter net income compared to a year earlier - though actual revenue was basically unchanged. SPDR S&P International Consumer Discretionary Sector (NYSEArca: Play Improving Auto Sales With This ETF.]
On the housing front, it has been reported that home prices all the around the country weakened, even areas that were beginning to show strength earlier in the year. The Standard & Poor's/Case-Shiller 20-city home price index released Tuesday fell 0.2% in August from July. Fifteen of the cities showed monthly price declines. Prices are expected to drop further in the coming months, though housing prices went up in many places from April to July. But the increase was largely fueled by government tax credits which have since expired. Now the peak home buying season is behind us. Plus record foreclosure rates, high unemployment and tepid buyer demand is contributing to drive down prices. Don't forget some buyers might be hesitant to bid on properties because of allegations of flawed foreclosure paperwork. Direxion Real Estate Bear 3X ETF (NYSEArca: Homebuilder ETFs Wait on Recovery.]
Gregory A. Clay contributed to this article.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
