Builder confidence rises for eighth straight month

New York /
Dec.December 18, 2012 12:30 PM

Builders are increasingly bullish about the newly built single-family home market, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index. The index of builder confidence rose for the eighth consecutive month, and its current level of 47 is the highest it’s been since April 2006. The trend is indicative of the gradual recovery of the nationwide housing market, said David Crowe, NAHB’s chief economist, “that we expect to continue in 2013.” Scores above 50 represent positive builder sentiments on the scale, which spans 1-100.

Builders were buoyed by an increase in the number of serious home buyers, combined with a decreasing vacancy and foreclosure rate, said NAHB Chairman Barry Rutenberg. He did caution, however, that potential sales were still being hamstrung by financing difficulties. “One thing that is still holding back potential home sales is the difficulty that many families are encountering in getting qualified for a mortgage due to today’s overly stringent lending standards,” he said. —Hiten Samtani


Related Articles

arrow_forward_ios
Buyers from neighboring countries made up the biggest percentage of foreign sales. (iStock)
Here’s where foreign homebuyers came from and bought during pandemic
Here’s where foreign homebuyers came from and bought during pandemic
From left: JP Morgan Chase CEO Jamie Dimon, Citigroup CEO Jane Fraser and Texas Capital Bank CEO Rob Holmes (iStock, LowneyJen/Wikimedia, World Economic Forum/Wikimedia, Texas Capital bank)
Rise in home prices frees banks to offload mortgage risk
Rise in home prices frees banks to offload mortgage risk
Housing prices broke records for the third consecutive month in May, surging 16.6 percent over May 2020 (iStock)
Nowhere to go but up? Home prices smash another record in May
Nowhere to go but up? Home prices smash another record in May
(Getty)
Swedish lawmakers agree to abolish mortgage tax deduction, disagree on timing
Swedish lawmakers agree to abolish mortgage tax deduction, disagree on timing
104 Edgemere Street in Montauk
Little houses draw big interest in mansion-heavy Hamptons market
Little houses draw big interest in mansion-heavy Hamptons market
Realtors no longer heart “love letters” to sellers
Realtors no longer ♡ “love letters” to sellers
Realtors no longer ♡ “love letters” to sellers
Home sales rise in June, snapping four-month downward streak
Home sales rise in June, snapping four-month downward streak
Home sales rise in June, snapping four-month downward streak
Housing investors took advantage of a hot market, collectively purchasing the group’s most homes in a quarter since 2000. (iStock)
Housing investors went on spending spree in second quarter
Housing investors went on spending spree in second quarter
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...