Housing starts just hit 12-year high, but sector may be getting 'ahead of itself,' says strategist

Housing starts just hit 12-year high, but the underlying stocks may be getting 'ahead of itself'

But even with the positive housing data and the Federal Reserve cutting its benchmark interest rate by 25 basis points on Wednesday — both of which are generally bullish for homebuilders — experts aren't signing off on chasing the group.

While "there's no question" that the 12-year U.S. homebuilding level is positive for the construction stocks, "this is a group that's getting a little bit ahead of itself," Maley said. Micahel Bapis, managing director with Vios Advisors at Rockefeller Capital Management, said his wealth management team is pulling back somewhat the sector.

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