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Back in the spring of 2005, when the housing mania was just shy of its record peak, I wrote that Wall Street analysts covering the sector were nearly all bullish, even though the stocks by that stage had soared to silly multiples of their own net asset values.
Among the analysts covering the five big homebuilders -- Toll Brothers(TOL Quote), Pulte Homes(PHA Quote), DR Horton(DHI Quote), Lennar (LEN Quote) and KB Home(KBH Quote) -- buy recommendations outnumbered sells by 14 to 1.
Fourteen to one.
And out of 68 published research notes, I could find just three urging clients to sell. Three. ...
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