While prices for home builder bonds are trading around 2006 levels, ratings remain below pre-crisis levels, Robert Curran of Fitch Ratings said Thursday.
"The question, of course, is how long and vibrant this cycle's going to be," he said. "I think it's unlikely it's going to mirror the last cycle we went through. But the typical cycle has certainly exceeded 1.5 million housing start at a peak – well above that, usually."
On CNBC's "Fast Money," Curran said that those levels haven't returned yet.
"There's a long way to go to even approach that statistic," he said. "The bonds early on reflected enthusiasm. I think it's a question of the builders actually producing the numbers to support better valuations ahead."