Are the Homebuilders Finished?

With two worse than expected housing indicators out this week and a big drop in the homebuilder group, we're hearing a lot of commentary suggesting that the rally in housing is finished.  

With the S&P 1500 Homebuilder group up 170% since its lows in August 2011, this area of the market has certainly come a long way.  Keep in mind, however, that the group is still down a whopping 55% from its highs in 2005!  Remember that "too far too fast" is relative.