The iShares U.S. Home Construction ETF (ITB) and the SPDR Homebuilders ETF (XHB) are the two leading homebuilder equity ETFs. They hold large national construction companies such as D.R. Horton (DHI) and Lennar (LEN), and we believe they are an excellent value play for a long-term investor. Further, we have reason to believe that the U.S. housing market will show surprising resilience in case of an economic recession due to strong global comparative fundamentals and continuous large housing shortages in much of the country. This is not to say that a short-term decline is impossible,