According to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today, U.S. home builder confidence in the market for newly built, single-family homes improved slightly in November. The HMI rose one notch to 16 from a downwardly revised level of 15 in the previous month.
"Though the gains have been incremental, the fact that builder confidence has improved over the past two months is encouraging," said NAHB Chairman Bob Jones. "Many builders are reporting that while the quantity of buyer traffic through their model homes has not improved dramatically, the quality of that traffic seems to be getting better - meaning that more people appear to be serious about buying in the near future. Builders remain very concerned, however, about the lack of available financing for new-home construction at a time when inventories of completed new homes are quite thin; after all, you can't sell what you can't build."
"The most positive aspect of today's report is the future expectations component, which not only held onto the five-point gain it registered in October, but improved by an additional two points to 25 for November," said NAHB Chief Economist David Crowe. At the same time, he noted, "The most concerning aspect of the report is that survey participants say they have observed absolutely no improvement in their ability to access credit to build viable new projects. This problem is clearly a roadblock to recovery in many markets."
The Northeast was the only region to post a decline in its HMI score in November, with a three-point drop to 13.
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.dogwoodmeadowsnewhomes.com/
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