Homebuilders have seen a boom in activity in recent years, driven by a surge in demand for housing.

Millennials are forming families, which drives this demand. They make up the largest cohort of US home buyers.

The large homebuilder's fundamentals are impressive and many companies are trading below the range when compared to similar profitability/growth companies.

Individual stocks such as $LEN (Disclosure: I'm long) look cheap on an absolute basis, and even a return to normalized housing activity levels should ensure investors enjoy a nice return.