Homebuilder shares are down 12% to 23% while the stock market is up 9%. Housing data has been miserable.

The Wall Street Journal reports Home-Builder Shares Miss Out on Stock Rally

Consumer confidence tracking near 18-year highs, strong corporate earnings and soaring retail sales haven't translated into gains across the housing market—something that has kept home-builder shares from reclaiming the highs they hit at the start of the year.

Even as the broader stock market has clawed its way back to all-time highs, big, publicly traded home builders have lagged behind, with shares of Lennar Corp. down 17% this year, D.R. Horton Inc. losing 12%, Toll Brothers Inc. down 23% and PulteGroup Inc. shedding 15%. In comparison, the S&P 500 is up 9% this year.

None of this is surprising given the housing data. Existing home sales are down for the fourth month. New home sales fell 1.7%. Mortgage rates are rising and the yield curve is flattening.

The question is "where to from here?"

Confidence? So What?