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Builders Credit Consumers for Increased Optimism
New home builders regained some of the confidence in the market they had displayed in September after wavering significantly in October.

´╗┐The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), a measure of builder attitudes about the current and prospective market for newly built single-family homes, rose four points to 58 this month after falling five points from September to October.

The HMI is compiled from responses to a monthly survey NAHB conducts among its new home builder members. The survey asks for their perceptions about current single family home sales and their expectations for sales over the next six months as "good," "fair" or "poor." The survey also asks builders to rate traffic of prospective buyers as "high to very high," "average" or "low to very low." Scores from each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.

Scores for all three HMI components increased this month. The index rating current sales conditions rose... More...

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by Jann Swanson