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Builder Confidence Highest Since 2005

Thursday, July 16, 2015

Builder confidence may finally be back to stay.  After yo-yoing in and out of the "good" range of 50 or more for years, the National Association of Home Builders (NAHB) said on Thursday that its Housing Market Index (HMI), sponsored along with Wells Fargo, hit 60 this month and last month's 59 reading was upwardly revised to that level as well.  It is the highest level of the HMI since November 2005.

The HMI measures builder confidence in the market for newly built, single-family homes. It fell below the benchmark of 50 in mid-2006, ultimately dropping as low as 8 in early 2009, and did not touch it again for 85 months.  It then dipped in and out of the low 50s range for another year before finally stabilizing exactly one year ago.

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