CHICAGO, April 30, 2012 /PRNewswire/ -- Zacks highlights commentary from People and Picks Trader "DiviMo".
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The Housing Bidding Wars Begin!
Mark it down.
On Wall Street there are certain events, certain days, where the market trend turns direction. In March 2009, the market hit a low until Citigroup came out with earnings that surprised upwards. That day, the market turned upwards and initiated the start of a bull market.
Mark the last day of April for the confirmation of a turn in the home building sector. Oh, the sector has done decent this year but yesterday a number of home builder stocks made good moves.
Today, the Wall Street Journal, no less, has a front page article titled "Stunned Home Buyers Find The Bidding Wars Are Back."
Is the six year housing demand slump over?
To quote from the article, "A new development..as spring season gets under way: Bidding wars are bad. From California to Florida, buyers are increasingl competing for the same house, today's bidding are a result of supply shortages. ...the bidding wars caused by tight inventory provide the latest evidence that housing demand is starting to pick up. "
"An index that measures the number of contracts signed to purchase previously owned homes rose in March to its highest level in nearly two years"
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