Dive summary:

• The stock market is sometimes a mysterious place (unless you are a CNBC personality), and the decline of three home-builder stocks at a time when the housing market appears to be coming back is one example.
• Hovanian Enterprises, Xinyuan Real Estate and  Skyline Corporation have all declined, probably because issues particular to each company outweigh the housing market news in the minds of investors,
• At the same time, however, Waypoint Homes Realty Trust filed with the Securities and Exchange Commission to issue a $100 million initial public offering.

From the article:

The bottom line is that while these homebuilders are witnessing better performance than in recent years, they are still missing out on the bright spot in the overall economy, housing. ...