The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) indicates more builders of newly-built single-family homes view market conditions as good rather than poor for Nov., the sixth consecutive month of a rating over 50, although the percentage was unchanged from last month. The HMI gauges builders perceptions of current sales, traffic of prospective buyers and sales expectations for the next six months. Says NAHB Chief Economist David Crowe, “Policy and economic uncertainty is undermining consumer confidence. The fact that builder confidence remains above 50 is an encouraging sign, considering the unresolved debt and federal budget issues cause builders and consumers to remain on the sideline.” Regionally, MHProNews has learned the South held steady at 56, the West did not budge from 60, the Northeast moved up one point to 39 while the Midwest dropped three points to 60.
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