Wilkins Micawber is an unlikely management thinker. But the hopeful maxim of Dickens's perennial debtor that "something will turn up" nourishes American housebuilders. The industry has endured a horrible five years. Housing starts rallied a little in June but are still at historic lows (see chart). Prices continue to fall, although there is huge variation between regions. The overall s&p 500 index is above its mark of five years ago; the homebuilders index is 60% below.
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