I mean why buy a sector in conflict, with much uncertainty as to how rate hikes are going to play out and affect the sector in 2022 and beyond ? I mean this is a highly cyclical sector which generally plays on the trend in rates. According to a chart I just looked at, https://www.rocketmortgage.com/learn/historical-mortgage-rates-30-year-fixed
it appears mortgage rates finally got into the 3% range in 2012. Since 2012, mortgage rates have stayed in the 3% area, and housing prices have been rising since. I believe that the reason housing stocks now have such low PEs, is that the future is now more uncertain with interest rates on the rise.