Shares in US homebuilders have surged to record highs, bolstered by rock-bottom interest rates for buyers.
The Dow Jones Home Construction index, an $80bn benchmark, is up 29% this year, eclipsing the 6% rise in the broader S&P 500.
The rally has propelled the housing benchmark past its peak set during the subprime bubble in 2005, which subsequently led to the financial crisis.
The four largest homebuilders in the S&P 500 — DR Horton, Lennar, NVR and PulteGroup — all hit record highs this month.
