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The Last Time Homebuilder Confidence Was This High, The Housing Market Crashed

NAHB Sentiment jumped (again) to 62 (from 61) - its highest since 2005. The last time homebuilders were this exuberant, home sales collapsed.. reminding us of Upton Sinclair's classic line, “It is difficult to get a man to understand something, when his salary depends on his not understanding it.”  

Well they nailed it in 2005!!

 

Just ignore this...

 

In this case, with mortgage applications indicating anything but a healthy housing market, "It is difficult to get a homebuilder to admit all is not well when his entire career depends on his ignorance of reality."

 

Charts: Bloomberg