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Home Prices Starting To Increase?

The traders are closely watching the home builders with the latest Case-Shiller report likely to show home prices increasing on an annual basis.

The 20-city and 10-city composite indexes last posted an annual price increase in December 2006.

A year-over-year increase, combined with surprisingly strong home sales momentum in March, would be encouraging for a long beleaguered market still concerned about what happens after federal tax credits end on April 30.

And signs of price stabilization should bolster confidence among many potential buyers who stayed away, worried that a home they might buy seemed certain to soon lose value.

What’s the trade?

The home builders have already have a phenomenal run, so I don’t think that’s the way to play it, explains Patty Edwards of Storehouse. Instead I’d look at downstream trades such as Plum Creek .

On the Halftime Report Steve Grasso suggested looking long Owens Corning, Louisiana Pacific or USG , as 'improving economy' trades. However he also said, it’s important to know when the trend ends, it will end quickly.



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Trader disclosure: On Apr 26, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Grasso Owns (NDAQ), (DYN), (LPX), (ASTM), (ABK), (BAC), (BGP), (C), (CVGI), (JPM), (NEM), (PRST), (PFE), (BA), (T), (CSCO), (X); Karabell Owns (CAT), (GS), (FXI), (FCX); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (BTU), (NUE); Najarian Owns (C) Calls; Najarian Owns (STEC) Call Spread; Terranova Is Short (CMA), (LCC); Terranova Owns (HES), (TER), (SWN), (XCO), (AXP); Terranova Owns (C) Calls; Scaramucci Owns (GS), Skybridge Owns (GS); Seymour Owns (AAPL), (BAC), (GE), (INTC), (MSFT)

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