There is so much housing out there, it's surprising that builders want to build more.
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U.S. homebuilder bonds have recovered to levels last seen before the global credit freeze as investors gain confidence the economic recovery is strong enough to prevent defaults.
Yields fell to within 6.06 percentage points of Treasuries, the narrowest since August 2007, according to Bank of America Merrill Lynch's U.S. High-Yield, Homebuilders/Real Estate Index. Hovnanian Enterprises Inc.'s debt has surged 11 percent since New Jersey's largest homebuilder posted its first profit in more than three years on March 2.
http://www.bloomberg.com/apps/news?pid=20601087&sid=azQ9gTIN5Ep0&pos=5
