360 Degrees of Homebuilders
Editor's note: In this edition of "360 Degrees," RealMoney commentators take a look at the homebuilding sector, prompted by the latest report from Toll Brothers (TOL). The spotlight still burns on this sector, as Nick Yulico points out this morning with his coverage of today's existing home sales report.
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Still Not Time to Move Home, by Dan FitzpatrickThis column was originally published on RealMoney Aug. 22 at 11:21 a.m. EDT. This week, the market seems fixated on the housing numbers. Today we heard from Toll Brothers (TOL). Tomorrow morning we get the July existing-home sales numbers. Yawn. Thursday brings the new-home sales numbers. Key point -- they're not going to be good. Everybody knows that. The question is whether they are going to be as bad as everyone expects. When it comes to the homebuilding stocks, there are three camps -- and two of them are inhabited by bears. First is the aggressive ursine bunch who believe that these stocks are only resting on a cliff before moving much lower. Second are the more wary bears, who still don't like the sector but feel that it's a crowded short. Finally, there are the apologetic, tentative bulls anticipating a sustainable bottom. These are the folks who believe that all the bad news has already been factored into the sector.
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