Why Real Estate Stocks Plunged Today
Many housing-related stocks plummeted on Wednesday, following the release of mortgage application figures that were sharply lower than the prior-year period.
Shares of Zillow (NASDAQ: Z) (NASDAQ: ZG), Redfin (NASDAQ: RDFN), and Meritage Homes (NYSE: MTH) all fell more than 10%.
As the number of cases of COVID-19 continues to surge in the U.S., government leaders have issued stay-at-home orders and other social distancing guidelines in an attempt to slow the spread of the disease caused by the novel coronavirus. While helping to save lives, these measures are likely to drive the economy into a severe recession.
Source Fool.com
