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IBDvalueinvestin (98.56)

Home Builder & bank Sector Rally today? Incredible rebound in Housing starts



March 17, 2009 – Comments (6)

583K vs 450K estimate

08:30  ECONX February PPI y/y -1.3% vs -1.4% consensus, prior -1.0%
08:30  ECONX Feb Building Permits 547K vs 500K consensus
08:30  BKR Michael Baker Names Michael Zugay CFO
08:30  ECONX February Core PPI m/m +0.2% vs +0.1% consensus, prior +0.4%
08:30  ECONX Feb Housing Starts 583K vs 450K consensus; prior revised to 477K from 466K
08:30  ECONX February PPI m/m +0.1% vs +0.4% consensus, prior +0.8%

6 Comments – Post Your Own

#1) On March 17, 2009 at 8:42 AM, IBDvalueinvestin (98.56) wrote:

Tis jump in housing starts numbers could explain why banks have been saying that Feb. has been as profitable as 2007.

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#2) On March 17, 2009 at 8:52 AM, IBDvalueinvestin (98.56) wrote:

Another point of interest is what the FED. will say about the recovery on the economy on Wed. and based on comments this weekend it looks like they will be saying the recession will end in 2009. Those kind of comments will bring in retail investors who will want to catch the bottom. So I anticipate many will close short positions today as I have and re-short once the hype starts getting stocks to DJIA 8,000.

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#3) On March 17, 2009 at 9:02 AM, IBDvalueinvestin (98.56) wrote:

AXP deal with C? Meridith Whitney saying it makes since.

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#4) On March 17, 2009 at 9:11 AM, lenri (68.62) wrote:

When I was in AZ last week I read an article in The Republic about the unexpexted jump in existing housing sales in Las Vegas, Phoenix, Florida and all throughout California. Housing sales were up 100 to 200% over January of 2008. Reason? Simple enough--houses that were unaffordable to most buyers before are now affordable and most mortgages are going FHA where credit scores only need to be about 625 (Contempory Mortgage Rates are still not in line with credit scores needing to be 730 to 740). Could this be the turn? Might be. We all knew there was a bottom somewhere. My daughter lives in IN and she is looking for a home now.

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#5) On March 17, 2009 at 9:11 AM, cbwang888 (25.50) wrote:

Building more in the oversupply environment is NOT a good move. Foreclosure rate is still high...

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#6) On March 17, 2009 at 9:19 AM, IBDvalueinvestin (98.56) wrote:

cbwang888 , you have to realise that not all sections of the USA overbuilt. The areas that were not overbuilt are now rebounding. The numbers don't lie.

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