Bad Housing News No Surprise

Originally Published In the News April 22 2008 11:10 AM
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Homebuilding bears refuse to acknowledge the facts....the stocks are rallying on bad news.

While a little consolidation on the charts might be appropriate, short sellers might to take the opportunity to step to the sidelines here. There was a time to be short; it was called 2006.

Sales of previously owned homes in the U.S. fell in March as loan restrictions and the prospect of further price declines kept buyers away.

Purchases dropped 2 percent, less than forecast, to an annual rate of 4.93 million, from 5.03 million in February, the National Association of Realtors said today in Washington. The median sales price fell 7.7 Bloomberg

How long will Whitney Tilson remain short the builders? He laid out a very articulate argument, but has been wrong.

U.S. Existing Home Sales Fell in March; Prices Lower
Bloomberg

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