August NAHB housing market index of 37.0 was above the 35.0 consensus and is at a 5-year high. Results of regional indexes were mixed. The Midwest and the South indexes increased while those of the Northeast and West decreased. The XHB ETF is up $0.12 or 0.53% in early reaction to the data. While we do not have much confidence in this data, we note that it could further lower the chances of a QE3 announcement.
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