I jumped on the housing market recovery back in 2011.
Homebuilders had been locked in purgatory for more than five years. They overbuilt (massive understatement there, I know) during boom times. When demand fell off a cliff, they were forced to sit around and lick their wounds.
So they waited. Some even strategically bought land at a deep discount. And when homebuilders looked to be bottoming in late 2011, I turned bullish. The decision sparked a lot of hate mail. There’s no new housing boom… The bottom’s going to fall out again… How could I be so stupid?[Read more...]