Wednesday, July 29, 2009

Home builders' stocks double

Here's another one of those undeniable green shoots: the Bloomberg index of the stocks of 18 leading home builders is up 100% from its low of last November (which doesn't show up on this chart since it uses only month-end figures). We've seen lots of tentative signs of late (e.g., housing starts, new home sales, the Case-Shiller index) that the housing market has hit bottom, and this adds a lot of weight to that conclusion. Surely we have seen the worst of the news; it's highly likely that if we haven't seen the bottom in residential construction, we are getting very close.


Paul said...


Did you see this? It reminded me of things you have been saying.

Scott Grannis said...

Maybe someone on Capitol Hill is reading my blog?

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