Homebuilders (PHM, DHI, LEN, XHB) Rally Today On Positive Data From S&P/CaseShiller

Today, homebuilders are rallying after the S&P/CaseShiller fell less than expected in the second quarter. On a year-over-year basis, the index fell 14.92% during Q2, which compares to the Street consensus of down 19.75%.

Homebuilders have rallied today, but have fallen from their highs of the day likely because of somewhat negative FHFA data that came out an hour after the S&P/CaseShiller data. For Q2, the FHFA index fell 0.7%, versus the consensus of -0.4%.

• Pulte Homes (NYSE: PHM) is up 4% to $13.14, which is more than 100% higher than PHM 52-week low.
  
• D.R. Horton (NYSE: DHI) is trading up 3.4% to $13.10, which is up more than 200% higher than DHI's 52-week low.
  
• Lennar (NYSE: LEN) is trading up 3% to $15.01, which is up more than 350% from LEN's 52-week low.
  
• The SPDR S&P Homebuilders ETF (NYSE: XHB) is up 2.42% to $15.67, which is up more than 95% since XHB's 52-week low.

Some in the market think we've reached a housing bottom causing the homebuilder stocks today to move up with that sentiment and the new data released earlier today.

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