Homebuilding- Lance Lewis on the housing market. An Excerpt from his daily summary;
"That brings us to this morning's existing home sales number for January, which came in at a record and up 16 percent from December. Congratulations are in order for Uncle Al, the bubble in housing appears to now be leaving orbit and entering the dot-com zone. If creating asset bubbles is the objective, then this Fed is has a perfect record thus far. The housing bubble end just as badly as the tech bubble did. However, like tech's final blowoff in 2000, it can often go on longer and higher than anyone can imagine. Of course we can't recognize bubbles till after they've burst according to Uncle Al, so we'll just reserve judgement till a magazine cover tells us that the "housing bubble has imploded," and then we can tell Congress that we goofed. (heavy sarcasm)
The homebuilders (KBH, LEN, TOL, etc,) were all higher and sit just off new all-time highs. As with the Internet bubble, there is no telling where the housing bubble tops out. Housing bears should probably be careful."
dailymarketsummary.net |
