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How to Tell When the House Party Is Over
Once more, with feeling.
Next to inflation, few topics generate as much heated feedback as housing and related stocks, in which the battle lines are clearly drawn.
As reported in last night's update to yesterday's Midday Musing, a great many readers are pinning their bullishness on the homebuilders' relatively low valuations. The S&P Homebuilding sector is trading with a trailing 12-month price-to-earnings 
ratio of 8.1, compared with 25.6 for the S&P 500, according to Baseline. On a price-to-book basis, the ratio of a company's price to its total net assets minus liabilities, the homebuilders are at 1.8 vs. 3.4 for the S&P 500.
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