Builder confidence rises for 2nd month

Home builder confidence rose in May for the second consecutive month, hitting its highest level since September 2008, according to the National Association of Home Builders/Wells Fargo Housing Market Index, released today. The index hit 16 in May, two points higher than in April. According to the index, sales conditions and sales expectations for the next six months improved, while buyer traffic remained the same. Builder confidence increased 3 points in the Northeast and one point in the South. NAHB Chairman Joe Robson attributed the improvements to mortgage rates, price declines and the first-time homebuyer tax credit. TRD