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Scope For Upside Surprise From NAHB Survey Ahead

US DATA
  • The NAHB housing market index for Dec lands at 1000ET.
  • Consensus sees it lifting 3pts to 37 to unwind half of the latest decline in November, although a rebound in S&P 500 homebuilder price to book ratios suggests some risk of an upside surprise – see chart.
  • That aggregate book ratio lifted from 1.67 to 1.99 from end-Oct to end-Nov and has since pushed onto 2.24 as of today for its highest since Dec’21 (again comparing to month-end values).

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