Housing Stocks Post Worst Week in a Year
Housing stocks fell the most in a year, as investors expect interest rates to rise, curtailing some of the demand in the sector.
The PHLX Housing Sector Index fell 7 percent this week, posting its largest drop since June 2012. After trading near a six year high on May 20, the benchmark is now down 16 percent.
During a volatile week on Wall Street, the housing index dipped below its 200-day moving average for the first time since December 2011, but managed to close above that mark.
Housing stocks were among the best performing this year, but have given back most of those gains in the past month.
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—BY CNBC's Giovanny Moreano. Follow him on Twitter: @giovannymoreano