Homebuilder confidence rises - Pacific Business News (Honolulu):

vasilisaxavymar.blogspot.com
It is the first back-to-bacl increase in builder confidence since February 2008 and is now at its highesrt level ineight months. The index measuringy current confidence rose two from 12 in April to 14in May. Any readinbg under 50 still indicates the majoritg of builders view conditionsas poor. “Thes fact that the May [Housing Market Index] continueed to tick up from April’s 5 point increase providew confirming evidence that the improved confidenc level wasno fluke,” said NAHB chiefg economist David Crowe.
“Thi continued increase indicates that home builderswfeel we’re at or near the bottom of the market and that positivse signs lie ahead for builders and potentiaol home buyers, provided that builder access to production credirt significantly improves.” A separate index measuringf expectations for the next six months rose thred points to 27. Builders and Realtors are hoping lower prices and historicallhy low mortgage rates will overcom e tighterlending standards. The housing marke t may also benefit this year froman $8,000 tax credit for Earlier this month, the reported pending sales of existinf homes rose 3.
2 percent in the first back-to-back increase in pending salex in a year.