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Home Builder Confidence Reaches Six-Month High

  • April 15th 2009

by Mark Wellborn

Home Builder Confidence Reaches Six-Month High: Figure 1

The National Association of Home Builders issued a press release today announcing that builder confidence for newly built, single-family homes rose five points in April, the largest one-month increase since May 2003. It is now at its highest level since October 2008.

According to the release, every component of the Housing Market Index (HMI) “reflected the boost, with the biggest gain recorded for sales expectations in the next six months.”

Here is a quote from National Association of Home Builders chief economist David Crowe:

“This is a very encouraging sign that we are at or near the bottom of the current housing depression. With the prime home buying season now underway, builders report that more buyers are responding to the pull of much-improved affordability measures, including low home prices, extremely favorable mortgage rates and the introduction of the $8,000 first-time home buyer tax credit.”

The most recent data on new home sales from the Commerce Department complemented this outlook: Home sales in February rose 4.7%, and housing starts increased 22.2%.

This article originally published at https://dc.urbanturf.com/articles/blog/home_builder_confidence_reaches_six-month_high/804.

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