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Wednesday, December 21, 2011

Home builders?  We looked at them thinking they might resemble the banks.  Turns out most are trading at or above book value.  This is probably because the book values have been decimated over the last 3 years (e.g. PHM book value shrunk from 3.2 to 1.9 billion USD, a 40% drop).  However, just looking at the numbers, one might be tempted to say that homebuilders are more popular than banks right now.  Interesting.   Also, Hovnanian (HOV) was removed from the list, because the firm has negative book value. 

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