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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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