A key index of housing stocks has finally made it back to the highs of last decade’s bubble.
As Dana Lyons explains, one of the, in some ways surprising, achievements of the current bull market in stocks has been its ability to resuscitate former busted bubble sectors once left for dead. For example, early this year we saw the Nasdaq 100 finally break decisively above its dotcom-laden bubble top of 2000. This year has also seen a resurgence in bank stocks, with the dead cats jumping off the financial crisis mat to within spitting distance of their pre-crisis levels. And in this latest rally, we are seeing another former bubble poster child building its way back up to its former highs – housing stocks.
In fact, at the end of last week, the benchmark PHLX Housing Sector Index (HGX) made its way all the way back to its 2005 bubble top for the first time in a dozen years.
This post was published at Zero Hedge on Oct 3, 2017.
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