Homebuilder stocks rise on strong NAHB numbers

U.S. homebuilder stocks including KB Home, Pulte Group Inc and Lennar rose on Tuesday, helped by strong homebuilder sentiment data, signaling a recovery in the housing market.

The National Association of Home Builders (NAHB)/Wells Fargo Sentiment Index climbed to 18, the highest level since the expiration of the homebuyer tax credit in 2010, data from the group showed.

MKM Partners analyst Megan Mcgrath said the homebuilder sentiment numbers were better than expected and that was driving stocks.

Shares of KB Home were up 7 percent at $6.75, while those of Pulte were also up 7 percent at $4.33 on Tuesday afternoon on the New York Stock Exchange.

Read Full Article from Reuters

- Posted: 2011-10-18 14:26:50

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