Monday, April 27, 2009
Bloomberg's index of the stock prices of major homebuilders is now up 75% from its recent lows (current: 120, low: 68). This is the biggest bounce in this index since the housing market started turning down almost four years ago, and it comes amidst a steady drumbeat of prognistications that a housing bottom won't occur until next year. There's a decent chance the market is telling us that we have already seen the bottom, or that we are very close to the bottom.
Posted by Scott Grannis at 12:39 PM