Homebuilders Breakout to Fresh Highs (XHB)
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The Homebuilders Select Industry Index EFT (NYSE: XHB) tapped 52 week highs today, before backing off intra-day. Leading the charge were homebuilders PulteGroup, Inc. (NYSE: PHM) and Toll Brothers Inc. (NYSE: TOL).
In the past five trading sessions, TOL has gained 7.75 percent and PHM is up 12.85 percent. XHB is up close to 5 percent in the same period, and is up 25 percent so far this year.
The turnaround began when homebuilders began reporting better than expected earnings last month. This was followed by a number of analyst upgrades, and most recently a survey by PulteGroup showed that more renters intend to purchase homes within the next two years.
In the past five trading sessions, TOL has gained 7.75 percent and PHM is up 12.85 percent. XHB is up close to 5 percent in the same period, and is up 25 percent so far this year.
The turnaround began when homebuilders began reporting better than expected earnings last month. This was followed by a number of analyst upgrades, and most recently a survey by PulteGroup showed that more renters intend to purchase homes within the next two years.
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