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Tuesday, April 10, 2007

Homebuilders: No Joy in Mudville

by Calculated Risk on 4/10/2007 04:54:00 PM

Citigroup has been the poster child for Wall Street being bullish (i.e. wrong) on housing. Finally, in a research note yesterday and using excerpts from Thayer's "Casey at the Bat", Citigroup has at least admitted that the mighty Casey (aka the Spring Selling Season) is facing an 0 and 2 count in the bottom of the ninth. And we all know what happens to Casey:

Oh, somewhere in this favored land the sun is shining bright;
The band is playing somewhere, and somewhere hearts are light,
And somewhere men are laughing, and somewhere children shout;
But there is no joy in Mudville—mighty Casey has struck out.
But don't think the last bull has thrown in the towel, Citigroup still remains bullish on housing longer term.