NAR: Tax Credits Masking Broad Improvement in Housing Trends (DHI, MHO, SPF, HOV, TOL, LEN)
The National Association of Realtors’ pending home sales index met expectations with a 1% rise in December, and homebuilding stocks are responding in a big way. The uptick follows a sharp decline in November when the proposed deadline for first-time buyer tax was approaching. Of course, the tax credit plan was extended and expanded to include some current homeowners. NAR chief economist Lawrence Yun said, “These swings,” referring to the housing trends related to tax credit expiration and extension, “are masking the underlying trend, which is a broad improvement over year-ago levels.” If Yun is on target, that would mean good things for homebuilders industry.
As a whole, the Homebuilder Stocks Index is up 4.9% on the day. The Index has moved 6.9% higher over the last week and 7.7% higher over the last month.
Across all of tickerspy’s Indexes, the Homebuilder Stocks Index is ranked 2 in performance over the last month. To see a performance graph, Index components, and dividend and valuation metrics, visit the Homebuilder Stocks Index at tickerspy.com.
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