NAHB Sentiment jumped (again) to 62 (from 61) - its highest since 2005. The last time homebuilders were this exuberant, home sales collapsed.. reminding us of Upton Sinclair's classic line, “It is difficult to get a man to understand something, when his salary depends on his not understanding it.”
Well they nailed it in 2005!!
[5]
Just ignore this...
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In this case, with mortgage applications indicating anything but a healthy housing market, "It is difficult to get a homebuilder to admit all is not well when his entire career depends on his ignorance of reality."
Charts: Bloomberg
