Real estate stocks report sad results

Inman Index: IndyMac, Freddie Mac and ZipRealty defy downward spiral

Countrywide, Countrywide, Countrywide.

That was the mantra for real estate stocks in August as the giant mortgage banking company took investors on a roller-coaster ride. Shares opened Aug. 1 at $27.22 and closed 30 days later at $19.85, a loss of 27 percent.

Countrywide’s widely reported ups and downs seemed to overshadow positive developments at smaller IndyMac Bank.