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Home Sweet Home (Maybe)
There was more excitement expressed from American businesses, this time from the National Association of Home Builders, and their monthly Housing Market Index (HMI). The Index gauges current and future (six months) potential demand for single family homes.
HMI soared to a reading of 78.0, its highest level since July 2005. This was driven by traffic, which has been positive in three of the last four months.
The news spiked shares of most homebuilder stocks and housing related ETFs, including XHB due to the report. The top holding of XHB is Mohawk (MHK), which I have pounded the table on for some time. Other top holdings of XHB include Toll Brothers, Pulte, DR Horton, Whirlpool and Masco.
Overall, the market is still in wait-and-see mode with the Fed and with the sausage making in Washington, DC. Let’s keep our powder dry as we wait on the Fed’s decision.
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