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Housing stocks moved Friday after new data showed construction hit its highest level in 7 months. However all may not be as it appears. Builders rushed to pour foundations for homes that
must be completed by the end of November for first-time buyers to take advantage of a special tax break. As you may remember, first-time buyers are eligible for a tax credit worth 10 percent
of the purchase price, with a cap of $8,000, this year only, due to Obama's stimulus package. "The largest spark...has been the looming deadline," says David Crowe, chief
economist for the National Association of Home Builders. However, shares of major homebuilders rose on the news, with KB Home and Hovnanian among the sector’s top winners. But even with
the better-than-expected figures, the pace was still _46% below last year_, and many pundits don't expect a quick rebound. That's because companies are still shedding jobs and home
prices are falling, making people hesitant to commit to buying a new home. "There's still a long way to go before one wants to declare anything that begins to look like a strong
recovery or success," says Rebecca Blank, undersecretary of commerce for economic affairs. Better not tell that to Deutsche Bank economist Joe LaVorgna. He tells the Fast Money desk
that after months of being extremely bearish, he's starting to feel more optimistic. In fact he says, “I think the housing market may have bottomed!” Find out what's influencing
LaVorgna's outlook. Watch the video now! ______________________________________________________ Got something to to say? Send us an e-mail at [email protected] and your comment
might be posted on the _Rapid Recap. _If you'd prefer to make a comment but not have it published on our website send your e-mail to . _Trader disclosure: On July 17th, 2009, the
following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Najarian Owns (BTU) Call Spread; Najarian Owns (F) Calls;
Najarian Owns (INTC) Call Spread; Najarian Owns (JPM) And Is Short (JPM) Calls; Najarian Owns (MCD) And Is Short (MCD) Calls; Najarian Owns (MS) Call Spread; Najarian Owns (MSFT) And Is
Short (MSFT) Calls; Najarian Owns (SU) Calls; Najarian Owns (XLF) Call Spread; Najarian Owns (YHOO) Call Spread; Finerman's Firm Owns (MSFT), (NOK), (WMT), (APC); Finerman's Firm
And Finerman Own (WFC) Preferred Shares, Finerman's Firm Is Short (WFC); Finerman's Firm And Finerman Own (BAC) Preferred Shares; Finerman's Firm Is Short (IJR), (IYR), (IWM),
(MDY), (SPY), (USO); Finerman's Firm And Finerman Own (RIG); Terranova Owns (TER), (RIMM), (SUN), (MSFT), (FTO); Terranova Works For (VRTS); Terranova Is Chief Alternatives Strategist
Of Virtus Investment Partners, Ltd.; Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV)_ _For Joe Terranova: Virtus
Investment Partners Owns More Than 1% Of (ABD) Virtus Investment Partners Owns More Than 1% Of (CBL) Virtus Investment Partners Owns More Than 1% Of (CAL) Virtus Investment Partners Owns
More Than 1% Of (CLB) Virtus Investment Partners Owns More Than 1% Of (DLR) Virtus Investment Partners Owns More Than 1% Of (EXR) Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (MEE) Virtus Investment Partners Owns More Than 1% Of (DBC) Virtus Investment Partners Owns More Than 1% Of (DBV) Virtus Investment Partners
Owns More Than 1% Of (DBA) Virtus Investment Partners Owns More Than 1% Of St Mary Land & Exploration Co Virtus Investment Partners Owns More Than 1% Of Seagate Tax Refund Rights
Virtus Investment Partners Owns More Than 1% Of (SKT) Virtus Investment Partners Owns More Than 1% Of (TNB) Virtus Investment Partners Owns More Than 1% Of (UA) Virtus Investment Partners
Owns More Than 1% Of (WBMD)_ _For Jared Levy: __Peak6 Investments Is Short And Has An Options Position In (AGU) __Peak6 Investments Is Short And Has An Options Position In (AMZN) __Peak6
Investments Is Short And Has An Options Position In (BBT) __Peak6 Investments Is Short And Has An Options Position In (BTU) __Peak6 Investments Is Short And Has An Options Position In (EBAY)
__Peak6 Investments Is Short And Has An Options Position In (FCX) __Peak6 Investments Is Short And Has An Options Position In (GE) __Peak6 Investments Is Short And Has An Options Position
In (GS) __Peak6 Investments Is Short And Has An Options Position In (HAS) __Peak6 Investments Is Short And Has An Options Position In (IGT) __Peak6 Investments Is Short And Has An Options
Position In (JPM) __Peak6 Investments Is Short And Has An Options Position In (KO) __Peak6 Investments Is Short And Has An Options Position In (MAT) __Peak6 Investments Is Short And Has An
Options Position In (MCD) __Peak6 Investments Is Short And Has An Options Position In (MO) __Peak6 Investments Is Short And Has An Options Position In (NOK) __Peak6 Investments Is Short And
Has An Options Position In (PENN) __Peak6 Investments Is Short And Has An Options Position In (PLCE) __Peak6 Investments Is Short And Has An Options Position In (PM) __Peak6 Investments Is
Short And Has An Options Position In (POT) __Peak6 Investments Is Short And Has An Options Position In (SBUX) __Peak6 Investments Is Short And Has An Options Position In (SHFL) __Peak6
Investments Is Short And Has An Options Position In (SU) __Peak6 Investments Is Short And Has An Options Position In (UPS) __Peak6 Investments Is Short And Has An Options Position In (WMT)
__Peak6 Investments Is Short And Has An Options Position In (XLF) __Peak6 Investments Owns And Has An Options Position In (AXP) __Peak6 Investments Owns And Has An Options Position In (BA)
__Peak6 Investments Owns And Has An Options Position In (BAC) __Peak6 Investments Owns And Has An Options Position In (C) __Peak6 Investments Owns And Has An Options Position In (CAT)
__Peak6 Investments Owns And Has An Options Position In (CIT) __Peak6 Investments Owns And Has An Options Position In (COF) __Peak6 Investments Owns And Has An Options Position In (F)
__Peak6 Investments Owns And Has An Options Position In (GLD) __Peak6 Investments Owns And Has An Options Position In (GOOG) __Peak6 Investments Owns And Has An Options Position In (IBM)
__Peak6 Investments Owns And Has An Options Position In (INTC) __Peak6 Investments Owns And Has An Options Position In (JNJ) __Peak6 Investments Owns And Has An Options Position In (LM)
__Peak6 Investments Owns And Has An Options Position In (MMM) __Peak6 Investments Owns And Has An Options Position In (MRK) __Peak6 Investments Owns And Has An Options Position In (MS)
__Peak6 Investments Owns And Has An Options Position In (MSFT) __Peak6 Investments Owns And Has An Options Position In (PFE) __Peak6 Investments Owns And Has An Options Position In (SJM)
__Peak6 Investments Owns And Has An Options Position In (TXN) __Peak6 Investments Owns And Has An Options Position In (USB) __Peak6 Investments Owns And Has An Options Position In (USO)
__Peak6 Investments Owns And Has An Options Position In (UNG) __Peak6 Investments Owns And Has An Options Position In (YHOO)_