Are Housing Markets Still Clearing out the Trash of the Last Bust?

by Doug French

The SPDR S&P Homebuilders ETF closed the other day at 45.65, poking higher than February 2006’s 44.70. The conventional wisdom is:

“Teamed with a resilient job market, low mortgage rates have helped boost home buyer demand,” Matthew Speakman, an economist at real estate data provider Zillow, told CNBC. “An extreme shortage of for-sale listings, particularly at lower price points, remains a concern and may ultimately result in a sharper re-acceleration in home prices than expected.”

So everything is okeydokey in housing-land. Well, here in the Sunbelt, the housing price rebound looks to have topped, and it could be rolling over like it did in, say, 2006. gives us the pictures.

In Phoenix:

Continue Reading at…