The Homebuilders Housing Index number was out today and it was theworst in 16 years. Is the housing industry at the bottom, near the bottom, or on its way back up? The guys turn to the webcam to find out.
Sarah Prinsloo, owner of the Prinsloo Group, is a real estate broker in Las Vegas who specializes in luxury sales. She says Las Vegas isn’t an accurate representation of the national marketplace, but luxury housing in Vegas has increased while the single-family home market has slowed down considerably. People with money are ready to buy, she says.
R. Donohue Peebles, chairman & CEO of The Peebles Corporation, is a broker based in Miami. He believes there is a significant level of overbuilding on the high-end condo side in some cities like Miami and that is going to cause a problem. Real estate in markets like New York City and the San Francisco bay area will continue to do well because of the strong demand, but he’s cautious about elsewhere.
Miami is actually one of the few markets that Eric Bolling hasn’t completely written off in the housing sector. There’s so much money from Cuba and Venezuela flowing into southern Florida that he thinks the real estate market could stand to benefit, whereas the Northeast and California are so rich, he says.
Trader disclosure: On June 18, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders:Najarian Owns (CHU), (MS); Bolling Is Short (FXI) and owns (FXI) Puts
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