Homebuilder confidence rose the most on record last month entirely due to the election of Donald Trump.
I spent most of the last four months meeting with homebuilders. The people in my office spend most of their time dealing with homebuilders. As a group, we interact with all of them, so we have a unique perspective on homebuilders' world view. Despite being in California where an overwhelming majority of people are Democrats, homebuilders are mostly Republican. Homebuilding is an entrepreneurial business that chafes at regulation, so it shouldn't be terribly surprising to see so many Republican homebuilders. If Hillary Clinton had won, I don't believe homebuilders would have been despondent, but they would have expected more of the same -- increasing regulations and slow economic growth. When Trump surprised everyone and won the election, homebuilders were thrilled at the idea of a real estate entrepreneur[READ MORE]