{"id":57873,"date":"2021-10-05T22:06:53","date_gmt":"2021-10-06T05:06:53","guid":{"rendered":"https:\/\/drduru.com\/onetwentytwo\/?p=57873"},"modified":"2021-10-05T22:06:55","modified_gmt":"2021-10-06T05:06:55","slug":"home-builder-stocks-ignore-calm-in-the-data-housing-market-review","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2021\/10\/05\/home-builder-stocks-ignore-calm-in-the-data-housing-market-review\/","title":{"rendered":"Home Builder Stocks Ignore the Calm in the Data &#8211; Housing Market Review"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>Housing Market Intro and Summary<\/strong><\/h2>\n\n\n\n<p><a href=\"https:\/\/drduru.com\/onetwentytwo\/2021\/09\/05\/a-comfortable-calm-housing-market-review-august-2021\/\">The housing market&#8217;s comfortable calm<\/a> continued into September even as the stock prices of home builders raced downward. <a href=\"https:\/\/drduru.com\/onetwentytwo\/2021\/10\/03\/strong-start-bearish-end-for-september-the-market-breadth\/\">A general sell-off in the stock market<\/a> ensnared housing-related stocks. Yet, the housing data reported in September showed little change from the prior month. While home builder stocks ignore the calm in the data, I look forward to buying into this dip in the coming month or so. <a href=\"https:\/\/drduru.com\/onetwentytwo\/2019\/04\/20\/how-to-trade-seasonal-patterns-for-home-builder-stocks\/\">The seasonally strong period for home builders<\/a> begins by November. <\/p>\n\n\n\n<br><script async=\"\" src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\n<ins class=\"adsbygoogle\" style=\"display:block; text-align:center;\" data-ad-layout=\"in-article\" data-ad-format=\"fluid\" data-ad-client=\"ca-pub-1196033822186410\" data-ad-slot=\"3478942445\"><\/ins>\n<script>\n     (adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><br>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Housing Stocks<\/strong><\/h2>\n\n\n\n<p>The <a href=\"https:\/\/www.tradingview.com\/x\/s9bnERTR\/\" target=\"_blank\" rel=\"noreferrer noopener\">iShares Dow Jones US Home Construction Index Fund<\/a> (ITB) is testing its lows from July despite the calm in the data. This test follows a large 2.9% 1-day loss at the end of September which completed ITB&#8217;s third reversal of the breakout rally from March to May. Moreover, that drop broke support at the 200-day moving average (DMA) (the blue line below) for the first time since June, 2020. ITB is also below its price from the Zelman downgrade in June that caused a brief bout of selling in housing-related stocks. If support gives way, ITB will next find support at the March lows. Such a pullback would provide an attractive opportunity to kick off the buying season for home builder stocks.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a href=\"https:\/\/www.tradingview.com\/x\/s9bnERTR\/\"><img decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/s9bnERTR\/\" alt=\"The iShares Dow Jones US Home Construction Index Fund (ITB) lost 1.4% as it continues to pivot around its 50-day moving average in an extended trading range.\"\/><\/a><figcaption><strong><em>The <a href=\"https:\/\/www.tradingview.com\/x\/s9bnERTR\/\" target=\"_blank\" rel=\"noreferrer noopener\">iShares Dow Jones US Home Construction Index Fund<\/a> (ITB) is once again below its price after the big Zelman downgrade 4 months ago. ITB also trades below its 200DMA for the first time in 16 months.<\/em><\/strong><\/figcaption><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Housing Data<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><a href=\"https:\/\/www.census.gov\/construction\/nrc\/pdf\/newresconst_202108.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">New Residential Construction (Single-Family Housing Starts)<\/a> &#8211; August, 2021<\/strong><\/h3>\n\n\n\n<p>Single-family home starts decreased to 1,076,000 which was 2.8% below July&#8217;s 1,107,000 starts (revised downward from <meta charset=\"utf-8\">1,110,000). Starts were 5.2% above last year&#8217;s levels and essentially in-line with July&#8217;s year-over-year growth rate. The days of blistering growth like June&#8217;s 28.5% gain have given way to a calm in the data with comps getting more and ore difficult from here. The rate of year-over-year change has stayed positive for 14 straight months. <\/p>\n\n\n\n<p>The downtrend remains from the 14-year high set in December, 2020. The longer-term trend from the 2011 trough remains upward. On balance, starts have settled down despite the apparent pressures of strong demand. The constrained supply chain exerts downward pressure.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a href=\"https:\/\/fred.stlouisfed.org\/graph\/fredgraph.png?g=HpzP\"><img decoding=\"async\" src=\"https:\/\/fred.stlouisfed.org\/graph\/fredgraph.png?g=HpzP\" alt=\"\"\/><\/a><figcaption><strong>Source: US. Bureau of the Census, Privately Owned Housing Starts: 1-Unit Structures [HOUST1F], first <a rel=\"noreferrer noopener\" href=\"https:\/\/research.stlouisfed.org\/fred2\/series\/HOUST1F\/\" target=\"_blank\">retrieved from FRED, Federal Reserve Bank of St. Louis<\/a>, October 4, 2021.<\/strong><\/figcaption><\/figure><\/div>\n\n\n\n<p>August was a month of regional divergences as two of four regions experienced year-over-year declines in starts. Housing starts in the Northeast, Midwest, South, and West each changed +8.5%, -20.3%, +23.9%, -20.5% respectively year-over-year. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><a href=\"https:\/\/www.nar.realtor\/research-and-statistics\/housing-statistics\/existing-home-sales\" target=\"_blank\" rel=\"noreferrer noopener\">Existing Home Sales<\/a> &#8211; August, 2021<\/strong><\/h3>\n\n\n\n<p>July existing home sales finally registered two straight months of gains and the streak ended right there. The seasonally adjusted annualized sales in August of 5.88M decreased 2.0% month-over-month from the marginally upwardly revised 6.00M in existing sales for July. Year-over-year sales decreased 1.5%. Existing home sales continue to look like they are settling into a calm in the data.<\/p>\n\n\n\n<div class=\"wp-block-image is-style-default\"><figure class=\"aligncenter size-full\"><a href=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2021\/10\/211004_Existing-Home-Sales.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1168\" height=\"450\" src=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2021\/10\/211004_Existing-Home-Sales.png\" alt=\"\" class=\"wp-image-57880\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2021\/10\/211004_Existing-Home-Sales.png 1168w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2021\/10\/211004_Existing-Home-Sales-768x296.png 768w\" sizes=\"auto, (max-width: 1168px) 100vw, 1168px\" \/><\/a><figcaption><strong><em>Two months of meager momentum came to an end with August existing home sales.<\/em><\/strong><\/figcaption><\/figure><\/div>\n\n\n\n<p class=\"has-text-align-center\"> (As of the March, 2018 data, the NAR further reduced historical data to just 13 months. For historical data from 1999 to 2014,&nbsp;<a rel=\"noreferrer noopener\" href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2014\/08\/140820_ExistingHomeSales.png\" target=\"_blank\">click here<\/a>. For historical data from 2014 to 2018,&nbsp;<a rel=\"noreferrer noopener\" href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2018\/04\/180401_ExistingHomeSales.png\" target=\"_blank\">click here<\/a>)  <strong>Source for chart: National Association of Realtors, Existing Home Sales\u00a9 [EXHOSLUSM495S], <a rel=\"noopener noreferrer\" href=\"https:\/\/research.stlouisfed.org\/fred2\/series\/EXHOSLUSM495S\/\" target=\"_blank\">retrieved from FRED, Federal Reserve Bank of St. Louis<\/a>, October 4, 2021.<\/strong><br><\/p>\n\n\n\n<div class=\"wp-block-image is-style-default\"><figure class=\"aligncenter size-large\"><a href=\"https:\/\/i0.wp.com\/eyeonhousing.org\/wp-content\/uploads\/2021\/09\/Exising_1.jpg\"><img decoding=\"async\" src=\"https:\/\/i0.wp.com\/eyeonhousing.org\/wp-content\/uploads\/2021\/09\/Exising_1.jpg\" alt=\"\"\/><\/a><figcaption><strong>Source: <a href=\"https:\/\/eyeonhousing.org\/2021\/09\/existing-home-sales-fall-in-august\/\" target=\"_blank\" rel=\"noreferrer noopener\">National Association of Home Builders<\/a> (the NAHB&#8217;s record of the NAR existing homes data)<\/strong><\/figcaption><\/figure><\/div>\n\n\n\n<p>August&#8217;s absolute inventory level of 1.29M homes decreased 1.5% from July. The return to month-over-month declines prompted the National Association of Realtors (NAR) to provide a familiar connection between sales and inventory: &#8220;Sales slipped a bit in August as prices rose nationwide&#8230;Although there was a decline in home purchases, potential buyers are out and about searching, but much more measured about their financial limits, and simply waiting for more inventory.&#8221;<\/p>\n\n\n\n<p>Inventory dropped 13.4% year-over-year (compare to July&#8217;s 12.0%, June&#8217;s 18.8%, May&#8217;s 20.6%, April&#8217;s 20.5%, March&#8217;s 28.2%, February&#8217;s 29.5%, January&#8217;s 25.7%, December&#8217;s 23%, November&#8217;s 22%, October&#8217;s 19.8% year-over-year declines, unrevised). &#8220;Unsold inventory sits at a 2.6-month supply at the current sales pace, unchanged from July but down from 3.0 months in August 2020.&#8221; The on-going year-over-year decline in inventory is on a 27-month streak.<\/p>\n\n\n\n<p>The average 17 days it took to sell a home tied the all-time record lows set in April, May, June, and July.<\/p>\n\n\n\n<p><a aria-label=\"the median price of an existing home (opens in a new tab)\" rel=\"noreferrer noopener\" href=\"https:\/\/fred.stlouisfed.org\/series\/HOSMEDUSM052N\" target=\"_blank\">The median price of an existing home<\/a> fell for a second straight month and pushed further back from June&#8217;s (revised) all-time high of $362,800. Prices have increased year-over-year for 114 straight months, and August&#8217;s price jump was a 14.9% year-over-year gain. The median price decreased from July by 0.8%.<\/p>\n\n\n\n<p>First-time home buyers dropped to a 29% share of sales in August, down from 30% in July. The NAR&#8217;s 2017 Profile of Home Buyers and Sellers reported an average of 34% for 2017, 33% for 2018, <a aria-label=\"33% for 201 (opens in a new tab)\" rel=\"noreferrer noopener\" href=\"https:\/\/www.nar.realtor\/newsroom\/families-using-creativity-when-buying-selling-homes-2019-buyer-and-seller-survey\" target=\"_blank\">33% for 2019<\/a>, and <a rel=\"noreferrer noopener\" href=\"https:\/\/www.nar.realtor\/newsroom\/pandemic-caused-buyers-to-seek-multi-generational-homes-sellers-to-sell-faster\" target=\"_blank\">31% for 2020<\/a>.  Investors stepped into the decline in first-timer share with a 15% share of sales, even with the (revised) 15% in July and up from 14% a year ago.<\/p>\n\n\n\n<p>All regions declined in month-over-month and year-over-year sales. The regional year-over-year changes were: Northeast -2.7%, Midwest -2.1%, South -0.8%, West -1.6%.<\/p>\n\n\n\n<p>All regions registered robust year-over-year price gains: Northeast +16.8%, Midwest +10.5%, South +12.8%, West +11.4%.<\/p>\n\n\n\n<p><a rel=\"noreferrer noopener\" href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=r2PZ\" target=\"_blank\">Single-family home sales<\/a> decreased 1.9% from July and declined on a yearly basis by 2.8%. <a rel=\"noreferrer noopener\" href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=r2PX\" target=\"_blank\">The median price<\/a> of $367,000 was up 18.6% year-over-year.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><a href=\"https:\/\/www.car.org\/aboutus\/mediacenter\/newsreleases\/2021releases\/aug2021sales\" target=\"_blank\" rel=\"noreferrer noopener\">California Existing Home Sales<\/a> &#8211; August, 2021<\/strong><\/h3>\n\n\n\n<p>California&#8217;s 2-track statewide housing market makes the aggregate numbers tricky to interpret. The California Association of Realtors (C.A.R.) reports that &#8220;home sales at the lower end of the market are underperforming due to a lack of supply and the economic uncertainty induced by the COVID resurgence.&#8221; At the same time, buyers at the higher end of the market seem to enjoy plenty of options with consistent double-digit growth in sales. Accordingly, this divergence pushes median house prices upward while at the same time creating a more dire picture of aggregate inventory and sales trends. The data demonstrated these effects yet again in August. <\/p>\n\n\n\n<p>Existing homes sales continued to decline in California. Californian existing home sales dropped sequentially for the fourth month in a row. As a result, sales have now declined 7 out of the last 8 months and are at 14-month lows. For August, C.A.R. reported 414,860 in existing single-family home sales. Sales decreased 3.3% from July and decreased 10.9% year-over-year. At $827,940 the median price increased 2.1% month-over-month while gaining 17.1% year-over-year. At $395, the price per square foot set a new all-time high for California by $1. Accordingly, over 67% of homes sold above asking price.<\/p>\n\n\n\n<p>Inventory remained at 1.9 months of sales in August. Inventory decreased year-over-year from 2.1. Active listings managed to drop month-over-month and year-over-year. C.A.R. reported that the yearly decline was the lowest in two years.<\/p>\n\n\n\n<p>It is easy to interpret the protracted decline in sales as supporting the persistent theme of an exodus from California. However, chronically tight inventories and soaring prices tell a different story. Many households are staying put and are as yet not enticed by the steadily climbing prices to cash in.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><a href=\"https:\/\/www.census.gov\/construction\/nrs\/pdf\/newressales_202108.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">New Residential Sales (Single-Family)<\/a> &#8211; August, 2021<\/strong><\/h3>\n\n\n\n<p>The prior boom times are a fading memory for new home sales as a calm in the data settles down. New home sales of 740,000 in August were up 1.5% from July but down 24.3% year-over-year.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a href=\"https:\/\/fred.stlouisfed.org\/graph\/fredgraph.png?g=HpJF\"><img decoding=\"async\" src=\"https:\/\/fred.stlouisfed.org\/graph\/fredgraph.png?g=HpJF\" alt=\"\"\/><\/a><figcaption><strong>Source: US. Bureau of the Census, New One Family Houses Sold: United States [HSN1F], first <a href=\"https:\/\/fred.stlouisfed.org\/graph\/fredgraph.png?g=HpJF\" target=\"_blank\" rel=\"noreferrer noopener\">retrieved from FRED, Federal Reserve Bank of St. Louis<\/a>, October 5, 2021.<\/strong><\/figcaption><\/figure><\/div>\n\n\n\n<p><a rel=\"noreferrer noopener\" href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=pMXv\" target=\"_blank\">The median home price<\/a> stayed at an all-time high at $390,500. Year-over-year the median price was up 20.1%.<\/p>\n\n\n\n<p>The monthly inventory of new homes for sale declined slightly from 6.2 to 6.1 months of sales. The absolute inventory level of 378,000 ended four straight months of declines.<\/p>\n\n\n\n<p>Sales in all regions declined significantly year-over-year. The Northeast plunged sharply for the third month in a row with a 37.0% drop. The Midwest plunged 46.9%. The South dropped 23.0%. The West declined 16.3%.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><a href=\"https:\/\/nahbnow.com\/2021\/09\/builder-confidence-steadies-as-material-and-labor-challenges-persist\/\" target=\"_blank\" rel=\"noreferrer noopener\">Home Builder Confidence: The Housing Market Index<\/a> &#8211; September, 2021<\/strong><\/h3>\n\n\n\n<p>After a 5-point drop in July, the NAHB\/Wells Fargo Housing Market Index (HMI) from the National Association of Home Builders (NAHB) looked like trouble. However, <a href=\"https:\/\/drduru.com\/onetwentytwo\/2021\/09\/05\/a-comfortable-calm-housing-market-review-august-2021\/\">I claimed that the decline simply represented some long overdue normalization<\/a>. This month, the NAHB agreed with me: &#8220;The single-family building market has moved off the unsustainably hot pace of construction of last fall and has reached a still hot but more stable level of activity, as reflected in the September HMI.&#8221; Two of three of the HMI components gained a single point while the SF Detached Next Six Months (Seasonally Adjusted) remained flat for the third month in a row. This component has remained at 81 four of the last five months.<\/p>\n\n\n\n<div class=\"wp-block-image is-style-default\"><figure class=\"aligncenter size-full\"><a href=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2021\/10\/20211005_Housing-Market-Review.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"676\" height=\"460\" src=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2021\/10\/20211005_Housing-Market-Review.jpg\" alt=\"The components of the Housing Market Index (HMI) and consumer sentiment stopped declining in September.\" class=\"wp-image-57886\"\/><\/a><figcaption><strong><em>The components of the Housing Market Index (HMI) and consumer sentiment stopped declining in September.<\/em><\/strong><\/figcaption><\/figure><\/div>\n\n\n\n<p class=\"has-text-align-center\"><strong>Source for data: <a rel=\"noreferrer noopener\" href=\"https:\/\/www.nahb.org\/News-and-Economics\/Housing-Economics\/Indices\/Housing-Market-Index\" target=\"_blank\">NAHB<\/a><\/strong><\/p>\n\n\n\n<p>Two of four regions gained for the second month in a row. Despite the flattish nature of the overall HMI, the regions made wide swings. After hitting a 3-month high in August, the Northeast fell to its lowest level of the entire pandemic recovery. The Midwest and the South gained 5 and 3 points respectively. Like the Northeast, the West plunged to its lowest level since the trough of the pandemic. The NAHB offered no explanations for these wide disparities. I will be looking for significant revisions in the October numbers. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Home closing thoughts<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>The Resistance to Affordable Housing<\/strong><\/h3>\n\n\n\n<center><iframe loading=\"lazy\" id=\"mp_377810\" title=\"Marketplace Embed\" src=\"https:\/\/www.marketplace.org\/2021\/10\/05\/why-is-it-hard-to-create-enough-affordable-housing\/\/popout\" frameborder=\"0\" width=\"100%\" height=\"240px\"><\/iframe><\/center>\n\n\n\n<p>The state of Texas is known for its anti-regulation style of living and openness to wide expanses of housing development. Yet, when it comes to building affordable housing, Austin, Texas provides today&#8217;s example of the unity existing neighborhoods can bring to bear in opposition to affordable housing.<\/p>\n\n\n\n<p>The key opposing points from this case in Austin over a single lot ring familiar in so many other battles over affordable housing across the country. Trey Jackson is the lawyer for the neighbors: &#8220;This part of Austin floods during heavy rains&#8230;adding a house could make it worse&#8230;the lot is too small; that second reason has to do with what are called deed restrictions, or restrictive covenants.&#8221;<\/p>\n\n\n\n<p>Amazingly, the city of Austin has owned the lot for over 50 years and has been trying to build an affordable home on the land since early 2020.<\/p>\n\n\n\n<p>For more on the various ways neighborhoods fight against change and support exclusion for their neighborhoods see EconTalk&#8217;s &#8220;<a href=\"https:\/\/www.econtalk.org\/katherine-levine-einstein-on-neighborhood-defenders\/\" target=\"_blank\" rel=\"noreferrer noopener\">Katherine Levine Einstein on Neighborhood Defenders<\/a>.&#8221;<\/p>\n\n\n\n<center><iframe loading=\"lazy\" height=\"200px\" width=\"100%\" frameborder=\"no\" scrolling=\"no\" seamless src=\"https:\/\/player.simplecast.com\/ca4cde4b-bd31-49d8-87e6-63051859fe81?dark=true\"><\/iframe><\/center>\n\n\n\n<p>Be careful out there!<\/p>\n\n\n\n<p>Full disclosure: no positions<\/p>\n\n\n\n<script src=\"https:\/\/fred.stlouisfed.org\/graph\/js\/embed.js\" type=\"text\/javascript\"><\/script>\n","protected":false},"excerpt":{"rendered":"<p>Housing Market Intro and Summary The housing market&#8217;s comfortable calm continued into September even as the stock prices of home builders raced downward. A general sell-off in the stock market ensnared housing-related stocks. Yet, the housing data reported in September showed little change from the prior month. While home builder stocks ignore the calm in &#8230; <a title=\"Home Builder Stocks Ignore the Calm in the Data &#8211; Housing Market Review\" class=\"read-more\" href=\"https:\/\/drduru.com\/onetwentytwo\/2021\/10\/05\/home-builder-stocks-ignore-calm-in-the-data-housing-market-review\/\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[483,59,35,62],"tags":[1933,2426,1053,2220,1149,1160,2015,1410,1205,1206,1159,1692,1161,321,1674],"class_list":["post-57873","post","type-post","status-publish","format-standard","hentry","category-breakdown","category-economy","category-housing","category-technical-analysis","tag-affordability","tag-c-a-r","tag-california","tag-california-association-of-realtors","tag-existing-home-sales","tag-hmi","tag-home-builders","tag-housing-starts","tag-ishares-dow-jones-us-home-construction-index-fund","tag-itb","tag-nahbwells-fargo-housing-market-index","tag-nar","tag-national-association-of-home-builders","tag-national-association-of-realtors","tag-new-home-sales"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Home Builder Stocks Ignore the Calm in the Data<\/title>\n<meta name=\"description\" content=\"The latest housing data showed little sequential change. While home builder stocks ignore the calm in the data, I look ahead to buying the dip\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2021\/10\/05\/home-builder-stocks-ignore-calm-in-the-data-housing-market-review\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Home Builder Stocks Ignore the Calm in the Data - Housing Market Review\" \/>\n<meta property=\"og:description\" content=\"The latest housing data showed little sequential change. 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