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Benzinga
Benzinga
Business
Priya Nigam

Traders Bet On More Pain Ahead For Homebuilders

Michael Khouw

Homebuilder stocks declined for the fifth consecutive day on Thursday, with U.S. mortgage rates spiking to 5.78%, the highest since 1987.

On CNBC's "Options Action," Michael Khouw of Optimize Advisors said the SPDR S&P Homebuilders ETF (NYSE:XHB) traded 5 times its average daily put volume on Thursday.

Check out homebuilder stocks making big moves in the premarket.

There was a buyer of 4,000 of the July 50/45 at $1.15 per contract on average, Khouw mentioned. The trader sees SPDR S&P Homebuilders ETF declining by at least 14% by July expiration, he added.

XHB Price Action: SPDR S&P Homebuilders ETF declined nearly 7% on Thursday and has lost over 38% year-to-date.

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