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On Housing, the Answer Remains the Same

from Financial Armageddon

Although home-builder stocks tested new highs once again on the heels of this morning’s housing data, I can’t help but question whether the unrelenting euphoria is justified.

As the chart shows, we saw a similar pattern of data being reported during the period from late-2009 to early 2010, when existing home sales rose sharply amid a more subdued uptick in new home starts and sales.

In the end, the jump in the former proved to be temporary and appeared linked to an increase in foreclosures, short sales, and purchases by investment-oriented cash buyers, rather than to a change of heart by traditional homebuyers.

Continue Reading at FinancialArmageddon.com…

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