Industry News

Real estate stocks outperform market in September

Inman Index: Fannie Mae, IndyMac, Realogy gained ground last month

Eight of the 10 housing and mortgage-related stocks that make up the hypothetical Inman Index out-classed the broader market indices in September. The eight -- Countrywide Financial, Fannie Mae, Freddie Mac, Realogy, Homestore, IndyMac, Washington Mutual and ZipRealty -- all finished the month ahead of the Nasdaq Composite, which was up 3 percent, and the Dow Jones Industrials and Standard & Poor's 500, which each gained 1.9 percent. Interactive Corp., which operates the LendingTree and RealEstate.com Web sites, among other properties, also was in the plus column in September, although with a gain of less than 1 percent. HouseValues dropped 2.5 percent over the period and was the only issue in the Inman Index that closed the month in the minus column. The top performer was ZipRealty, which was up from $6.02 to $7.36, a gain of more than 22 percent. The company early in the month welcomed new CEO Richard Sommer to the helm. Sommer previously was CEO of HomeGain, which was purchase...

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