Via Eddy Elfenbein
AUTHOR
Mick Weinstein
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Homebuilders curtail their operations with weakening earnings prospects
Investors who might have expected the Fed to make even a minor policy change were let down Wednesday by the central bank’s inaction.
The sector has continued to underperform expectations, leaving investors disappointed. But this disappointment should not obscure the shifting dynamics that may favor a brighter outlook in the year ahead.
The current state of the housing market remains a huge problem for 2%, as home values remain at all-time highs due to an undersupplied market and many homeowners who are locked in at 2% to 4% mortgages, constraining inventory and leading to sticky rents.