Builder Confidence on the Rise
August 19, 2009 by admin
Filed under Positive Real Estate
Builder confidence in the market for newly built, single-family homes rose one point in August to its highest level in more than a year, according to the latest reading of the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Building on a two-point gain in July, the HMI reached 18 this month, its highest point since June of 2008.
“Home builder expectations have been buoyed by the success of the first-time home buyer tax credit and its anticipated boost to buying activity leading up to the Nov. 30 expiration date,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. “The question is what happens after that- whether there will be enough momentum to keep us moving toward a recovery, particularly in light of significant headwinds such as the severe credit crunch for housing production loans and inappropriate appraisal practices that are scuttling a quarter of all new-home sales. Unless Congress and the Administration focus their attention on housing right now, this improvement may well be short-lived,” he said.
“One very positive aspect of this report is the big gain registered in the component gauging home builders’ expectations for the next six months,” noted NAHB Chief Economist David Crowe. “This reflects anticipated sales stemming from the tax credit as well as recent signs that an economic recovery has begun. There is definitely a sense of hope among builders that the worst of the downturn is over and that a turning point is near at hand. Meaningful action by Congress could ensure that this upward momentum continues and that housing can help push the economy back onto solid ground.”
Two out of three of the HMI’s component indexes recorded substantial gains in August. The biggest boost, of 4 points, was registered by the index gauging sales expectations in the next six months, which rose to 30 this month. Meanwhile, the index gauging traffic of prospective buyers gained three points to 16 and the index gauging current sales conditions held unchanged at 16.
More related Positive News
Robust Home Sales Crowding the News
July 18, 2009 by admin
Filed under Real Estate Articles
Jump into any newspaper from around the country and you get the great news. This is from todays Google News with the search term Home Sales. I wonder if this will be remembered as the season of regret for the fense sitters, or new beginnings?
Bay Area: Silicon Valley home sales at three-year high
Southern California: Home Sales Increase for 12th Straight Month
Birmingham Alabama: Birmingham area home sales perking up
San Francisco Home Sales Hit Highest in Three Years
Kansas City-area home sales rise from May
US July Homebuilder Confidence Rises to 10-Month High of 17
Idaho:Treasure Valley home sales and prices are up
Portland :Uptick in Portland home sales
Sacramento: New-home sales see biggest growth in two years
Home sales in Brooklyn, Queens rise
New Hampshire : NH home sales rise in June
Canada June Home Sales Rise 8.7%,
Virginia :Home sales in Hampton Roads increase strongly in June
