NEW YORK ( TheStreet) -- The housing market has been a bright spot for a slowly growing economy but in my judgment this spotlight has dimmed. My benchmark for the homebuilding industry is the PHLX Housing Sector Index (HGX) (179.51) set a multi-year high at 198.06 on March 20 the day after I wrote, Sell Downgrades Weaken Homebuilder Foundations. HGX is down 9.4% since setting the multi-year high.In the March 19 post I showed that seven of the eight homebuilder stocks I follow had been downgraded to sell with the eighth rated hold. Given the proliferation of sell ratings in this industry my suggestion was to book profits in these names as a "source of funds."
Homebuilder Upgrades Fortify Potential Sinkholes
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