The housing gloom deepened this week as prices plunged the most in 20 years. Is there a real estate trade?
I think we’re getting close to an opportunity, Pete Najarian says. After July check out the Miami real estate market. But go into it as a long term play.
The SPDR S&P Homebuilders ETF (XHB) is probably the best way to play real estate broadly, says Karen Finerman. If you go to individual names be careful of companies with debt. Stay away from Lennar (LEN) and Meritage (MTH), she counsels.
Or look at Home Depot (HD), adds Guy Adami. But you’ve got to get into this stock before the housing market turns, or it will be too late.
Just stay away, exclaims Jeff Macke. There are better trades than real estate.
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Trader disclosure: On Feb.29, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Macke Owns (YHOO), (ATVI), (DIS), (INTC); Najarian Owns (AAPL), (BIIB), (BKC), (C), (CSCO), (MS), (MSFT), (YRCW), (XLF); Najarian Owns (YHOO) And (YHOO) Calls; Finerman Owns (GS); Finerman's Firm Owns (AAPL), (CROX), (FNM), (GE), (MSFT), (TSO), (WMT); Finerman's Firm Is Short (IYR), (IWM), (IJR), (MDY), (SPY); Finerman's Firm And Finerman Own (HD); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Finerman's Firm And Finerman Own (TYC); Finerman's Firm And Finerman Own (KALU); Finerman's Firm Owns (MO)
Finerman's Firm Owns (YHOO); Finerman's Firm Is Short (LEN); Seymour Owns (MSFT); Seygem Asset Management Owns (TS), (TSO), (HXM), (EEV), (ITU); Seygem Asset Management Is Short (EEM); GE Is The Parent Company Of CNBC; Charles Schwab Is A Sponsor Of "Fast Money"