Stovall: Rising Hopes for Homebuilders?
I nearly fell off my chair when I was preparing this week's high-momentum list and saw that the S&P 1500 Homebuilding subindustry index had become a member. But it's true. As of Sept. 26, Homebuilding's trailing 52-week price performance was in the top 10% of all subindustries in the S&P Composite 1500 index (consisting of the S&P 500, MidCap 400 and SmallCap 600 indexes). In the past year, this subindustry eked out a 0.7% advance, as compared with the S&P 1500's decline of 19.8%. In fact, the Homebuilding group was only one of 13 subindustries to post 12-month price gains. The remaining 122 subindustries in the S&P 1500 declined, with Thrifts & Mortgage Companies being the worst performer, off more than 84%.
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