A recent survey at The Wall Street Journal found that out of 47 economists, 44 believe that the housing market has bottomed, but three think not. [Tom Lydon, Chuck Jaffe Talk of the Week: Homebuilders]
The housing market has plenty of obstacles that remain in the way of regaining total strength. A weak job market in the U.S. is first and foremost. Plus, single-family housing starts, though up, remain 60% below the 2002 pre-bubble pace. The equity in U.S. homes is $2 trillion, or 25%, less than it was in 2002 and half what it was at the peak. [Homebuilder ETFs: Housing Starts Rose in April]
SPDR S&P Homebuilders ETF
Tisha Guerrero contributed to this article.