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Homebuilders: Worst is Yet to Come

|Includes: Centex Corp. (CTX), PHM

 March Housing Starts came in at 510,000, down 10.8% from February, and short of the 540,000 consensus. Permits fell 9% to 513,000. Completions were down 3.5% to 796,000.  The estimated five million houses for sale, in foreclosure, or sitting in bank portfolios waiting to be dumped are sitting on this industry like an 800 pound gorilla. Pulte Homes (NYSE:PHM)-Centex (CTX) combination will have to swim upstream against Niagara Falls in order to survive. Will some please fire the plunge protection team? They’re doing a lousy job.