Homebuilders Most Confident In Over 7 Years
Not only did all three segments of the NAHB's index rise but the headline print saw its largest month-over-month increase since 1996. Despite falling mortgage applications, an REO-to-rent model that is disintegrating amid higher rates (which notably saw no mention in the text of the NAHB's PR), and slumping Lumber prices, the homebuilders (and sellers) remain self-confirmingly exuberant at the outlook for their industry as the index hits 52 - its highest since March 2006 - surging to its best 2-year gain in the almost 30 years of recorded data.
and as a reminder...
Charts: Bloomberg
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