This is the biggest bounce in this index since the housing market started turning down almost four years ago

TO BE NOTED: From Calafia Beach Pundit:

"Monday, April 27, 2009

Housing market green shoots (2)

Bloomberg's index of the stock prices of major homebuilders is now up 75% from its recent lows (current: 120, low: 68). This is the biggest bounce in this index since the housing market started turning down almost four years ago, and it comes amidst a steady drumbeat of prognistications that a housing bottom won't occur until next year. There's a decent chance the market is telling us that we have already seen the bottom, or that we are very close to the bottom.

Posted by Scott Grannis "