US Home Builders, NAHB, Index recorded higher to 2005 high

Back to end of last year or start of this year, many economists expected growth of residential market would be slow, though they had somewhat convictions to economic improvements.
In contrast, housing market in US seems so solid. August NAHB index recorded 61 following not revised 60 in July, higher to 2005 high level, and increased by 10.9% from a year earlier. Even optimistic economists had expected only about 5% growth rate in the start of this year.

This indicator offset the bullish movement in US treasury market following NY Empire state manufacturing index tumbled, partly, toward somewhat upward pressure on the yield, yesterday.

As many analysts see the only limited wealth effect or hardly by increasing residential price, I would not point this as a proof of economic recovery. However, we could think eased money is playing in anywhere, housing market, for example, someone believes extraordinary monetary easing is leading deflationary pressure.

I really wonder where is the end of this era of QE...