Yesterday I did a roundup of the doom & gloom from around the world yet the Philadelphia Housing Index has marched back from its lows in late summer. Take a look at this chart from Yahoo:

I think this says it all. The index has retraced nearly ALL its declines. So what is the market signaling? Is there a relationship between the fortunes of housing builders and housing values?

In time we hope to highlight these relationships between the financial markets and housing but we would love to hear your thoughts.