Builder Confidence Remains Strong

The National Association of Home Builders (NAHB) reports the market for newly built, single-family homes remained at 47 on the Wells Fargo Housing Market Index (HMI) for Jan., following eight consecutive monthly gains. As MHProNews has learned, the HMI is at its highest point since April 2006, right before the downturn. “Conditions in the housing market look much better now than at the beginning of 2012 and an increasing number of housing markets are showing signs of recovery, which should bode well for future home sales later this year,” says Barry Rutenberg, chairman of the NAHB. The association’s chief economist, David Crowe, says, “Persistently tight mortgage credit conditions, difficulties in obtaining accurate appraisals and the ongoing stalemate in Washington over critical economic concerns continue to impede the housing recovery.” The index gauges builder perceptions of current home sales, sales expectations for the next six months, and traffic of prospective buyers. Regionally, the North and Midwest registered two point gains while the South posted a three point increase and and the West increased four points.

(Photo credit: Fotosearch)

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