Industry News

Real estate stocks bounce back

Inman Index: IndyMac, Fidelity National Financial reward investors

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Investors displayed renewed optimism about the outlook for real estate company stocks in May. Seven of the 10 issues that comprise the hypothetical Inman Index finished the one-month period in plus territory while the Index overall gained 4.3 percent, a performance that matched the Dow Jones Industrials and bested both the Standard and Poor's 500 and Nasdaq Composite, which gained 3.2 percent and 3 percent, respectively. For the year to-date, however, the Inman Index is still in negative territory with a 3.2 percent loss while the broader market measures have posted gains of 7.5 percent or better. Financial companies IndyMac Bancorp and Fidelity National Financial were the top two Inman Index performers in May. The mortgage company's shares rose from $29.10 to $33.58, a gain of more than 15 percent, though the shares dived more than 27 percent for the first five months of 2007. During May, IndyMac was named as one of the first lenders to participate in a new program that w...