In today’s briefing:
- Homebuilder Sentiment Is Fun for MACRO Tourists, Not for Predicting Returns
Homebuilder Sentiment Is Fun for MACRO Tourists, Not for Predicting Returns
- First and foremost, we are not positive about US homebuilders due to the sharp decline in housing market activity caused by the significantly increased mortgage rates.
- The correlation between the future performance of the S&P 500 Homebuilding Index relative to the broad S&P 500 Index and the level of the NAHB Market Index is ZERO.
- In addition, there is no correlation between the performance of US homebuilders and CHANGES in the NAHB Market Index.
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