The Housing Market has been slowly moving off the lows in activity and now a recovery is underway. Housing Starts were up over 30% in February versus a year ago with Multi-Family starts up over 50%. Stocks related to the housing sector have rebounded as well with the XHB outperforming the S&P 500 by over 15% Y/Y and over 12% year to date. Although February data was on the weaker side, the Wells Fargo HMI is pointing to stronger data ahead this spring - potentially much stronger data.
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