NAIL - Homebuilder stocks climb after NAHB index tops expectations
Homebuilder stocks (BATS:ITB) (NYSEARCA:NAIL) (NYSEARCA:XHB) gain some steam after the November National Association of Home Builders index signals higher builder confidence for the third consecutive month. Homebuilder stocks are elevated by at least 2% in the past five sessions, as per the chart below. Specifically, D.R. Horton (NYSE:DHI) and Lennar (NYSE:LEN), two of the largest holdings in the iShares U.S. Home Construction ETF (ITB), are also trading in net positive territory in the past five days, outpacing the broader stock market, according to the chart below. Builder confidence in November is enhanced by low existing inventories and strong buyer demand despite continued supply-side challenges. In addition to labor shortages, "lot availability is at multi-decade lows and the construction industry currently has more than 330,000 open positions," says NAHB Chief Economist Robert Dietz. "Policymakers need to focus on resolving these issues to help builders produce more housing to meet strong market
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Homebuilder stocks climb after NAHB index tops expectations