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It is the first back-to-back increasre in builder confidence since February 2008 and is now at its highes t level ineight months. The index measurinbg current confidence rosetwo points, from 12 in April to 14 in May. Any readin g under 50 still indicate s the majority of builders view conditionsas poor. “The fact that the May [Housingv Market Index] continued to tick up from April’sd 5 point increase providex confirming evidence that the improved confidence level was no said NAHB chief economistDavid Crowe.
“Thisx continued increase indicates that home buildersfeel we’rre at or near the bottom of the marketg and that positive signzs lie ahead for builders and potentiak home buyers, provided that builder access to productiojn credit significantly improves.” A separate index measuring expectationd for the next six months rose three pointz to 27. Builders and Realtors are hoping lowe prices and historically low mortgage rates will overcom tighterlending standards. The housing market may also benefit this year froman $8,00 tax credit for homebuyers. Earliet this month, the reported pending sales of existing homesrose 3.
2 percent in March, the first back-to-back increase in pendinb sales in a year.
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