iShares US Home Construction ETF (ITB) Up; Survey Shows Renters Want To Buy
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A PulteGroup Home Index survey Tuesday demonstrated renters are more interested in purchasing a home than they were 12 months ago. The survey which focused on renters who plan to purchase a home in the future showed 61 percent stated they intend to buy within the next two years.
44 percent of renters who intend to buy said they view it as a good investment, the second most popular reason behind simply wanting to be a homeowner. The main obstacle keeping these renters from buying was not having enough money for a down payment.
iShares Dow Jones US Home Construction (NYSE: ITB), an ETF that tracks the performance of the home construction sector of the U.S. equity market, was up over 2 percent at one time this afternoon, however closed up about 1.2 percent. It was lead by PulteGroup Inc (NYSE: PHM), which is a top holding in ITB (8 percent). PHM shares closed the session up over 3 percent.
44 percent of renters who intend to buy said they view it as a good investment, the second most popular reason behind simply wanting to be a homeowner. The main obstacle keeping these renters from buying was not having enough money for a down payment.
iShares Dow Jones US Home Construction (NYSE: ITB), an ETF that tracks the performance of the home construction sector of the U.S. equity market, was up over 2 percent at one time this afternoon, however closed up about 1.2 percent. It was lead by PulteGroup Inc (NYSE: PHM), which is a top holding in ITB (8 percent). PHM shares closed the session up over 3 percent.
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