Home Builder Confidence Capitulation Opens Opportunity in Housing
Markos Kaminis (Wall St. Greek) submits: The National Association of Home Builders, in conjunction with Wells Fargo (WFC), released its tally of builder confidence for June on Wednesday morning. A relatively new factor acted like the last nail in the coffin of home builder confidence this month, sending almost all component measures toward record lows. Yet I still love the shares of the best publicly traded home builders.Piling on home builder misery, rising construction materials costs simply took the pressure from intense to unbearable for home builders in June. The NAHB/Wells Fargo Housing Market Index fell 3 points to a reading of 13, as a softer than hoped for spring selling season also deflated builder mood moving into the summer.We blamed it on the rain in April, the wettest on record. We looked toward gasoline prices in May, as they breached the point of no return for consumer spending impact. In June, we’ve stillComplete Story »
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