facebook
twitter
rss
account
search
search
 

Home builder confidence rose in December

Dec. 18, 2012 at 12:16 PM   |   Comments

WASHINGTON, Dec. 18 (UPI) -- U.S. builders' confidence in the market for new single-family homes rose for the eighth consecutive month in December, a trade group said Tuesday.

The National Association of Home Builders said the Home Builders/Wells Fargo Housing Market Index for builder confidence added two points to reach 47, climbing from a slightly revised November reading, which put the index at its highest level since April 2006.

"Builders across the country are reporting some of the best sales conditions they've seen in more than five years, with more serious buyers coming forward and a shrinking number of vacant and foreclosed properties on the market," said NAHB Chairman Barry Rutenberg in a statement.

Rutenberg added that, "today's overly stringent lending standards," were keeping some buyers from participating.

The NAHB/Wells Fargo Housing Market Index is based on a monthly NAHB survey measuring builder perceptions of current single-family home sales and sales expectations for the next six months.

The general index is made up of three component indexes and two of the three are now above the "critical midpoint of 50," the trade group said.

The index measuring current sales rose two points to 51 in December, while the index measuring expectations six months down the road lost one point to reach 51.

The index that gauges customer traffic has a ways to go to reach 50. In December, that index rose one point to reach 36, the NAHB said.

Topics: Wells Fargo
© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Russian bank boss feeling sanctions pain Russian bank boss feeling sanctions pain
2
Ukraine's State Guard Service receives armored personnel carriers Ukraine's State Guard Service receives armored personnel carriers
3
Navy's Triton surveillance drone flies cross-country Navy's Triton surveillance drone flies cross-country
4
Additional sub-components being made for Ballistic Missile Defense radar Additional sub-components being made for Ballistic Missile Defense radar
5
Army deploying JLENS radar system to help protect Washington, D.C. Army deploying JLENS radar system to help protect Washington, D.C.
Trending News
Video
x
Feedback