Leave the Homebuilders Alone
The homebuilders sure are tempting, aren't they? The group continues to benefit from spurts of institutional buying as big investors make bets that the builders have survived through the worst of it.
Last week, August housing starts were a bit of a disappointment, coming in at 750,000 units vs. the 770,000 consensus estimate. Starts in July, meanwhile, were revised lower to 733,000 from the prior 746,000. The good news was in existing-home sales, which soared 7.8% from July to 4.82 million units, well above the consensus estimate of 4.58 million....449 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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