Who’s the bidder? I suspect homebuilders in anticipation of having several months worth of extra work. The tax credit expires in the next week and I think it’s a rush to buy resources. In short, I think it’s a “hope & pray” trade.
Also, the timing of the credit expiration needs to be considered. It comes right at the start of peak homebuilding and home purchasing season. It’s timed to give the maximum lift, hoping that people will *believe* housing is in fact, better.
Let’s just say I’m skeptical…