Wall Street Bullish on Homebuilders Despite Slowdown in Sector
Bloomberg, Aug. 19, 2022–John Hyland
Investors remain optimistic even as economic data cool in July
Construction starts, mortgage applications and existing home sale data this week all pointed to signs of cooling amid the rise in mortgage rates from record low levels. Still, since the start of the third quarter, the S&P Supercomposite Homebuilders Index has risen nearly 17%, outperforming the S&P 500’s 13% rally in the same period.