Ellie Mae, REITs and non-bank lenders suffered the biggest blow this morning.
The HW 30, HousingWire’s proprietary index that comprises major real estate organizations, was down 4.75% at 10:09 a.m. this morning. The Dow and Nasdaq, meanwhile, fell 3.12% and 4.72% respectively.
The HW 30 currently sits at -2.71% as of 11:08 a.m.
Some are already referring to today’s event as Black Monday, drawing comparisons to the stock market crash that occurred on October 19, 1987.
That collapse, however, was much more drastic. The Dow fell 58 points (22.61%) that day.
Still, it remains to be seen if – and how much – stocks continue to fall.
“A lot of questions are being asked by investors,” Chris Weston, chief markets strategist at IG in Melbourne told the Washington Post. “This is a confidence game, and when you don’t have confidence, you press the sell button.”
The stocks that drive the housing and mortgage markets suffered greater losses Monday morning than the Dow and Nasdaq, according to HousingWire.