Real Estate
Real estate stocks sag as rates stay elevated
The sector is the lone S&P laggard while mortgage-rate pressure keeps the bond backdrop tight.
Real Estate is the only S&P sector in the red, down 0.3% on the day.
That drop comes as Treasury yields move higher across the curve, with the 10-year at 5.311% and the 30-year at 5.665%.
The sector’s weakness fits a market where bond proxies are soft too. TLT falls 0.5%, and VBTLX drops 0.2%.
HousingWire reports a flurry of industry headlines, including Better regaining board control after 52% shareholder support, Pennymac deploying VantageScore 4.0 across all production channels, and Valon raising $150M at a $2.3B valuation.