Why Real Estate Stocks Plunged Today

Real estate stocks plummeted across the board on Thursday, as fears that the COVID-19 coronavirus pandemic would drive the U.S. economy into a recession intensified.

Shares of Zillow (NASDAQ: Z) (NASDAQ: ZG), Redfin (NASDAQ: RDFN), Meritage Homes (NYSE: MTH), Lennar (NYSE: LEN), NVR (NYSE: NVR), PulteGroup (NYSE: PHM) and Toll Brothers (NYSE: TOL) all fell more than 12% on Thursday.

There are now more than 1,300 confirmed cases of COVID-19 -- the disease caused by the novel coronavirus -- in the U.S. Government leaders are warning that the outbreak is likely to worsen, with many more people potentially becoming infected in the coming weeks. 

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Source Fool.com