National Association of Home Builders show a bit less pessimism than before as index rises to 17

NAHB reports marginal improvement in March. The housing market index rose a whole one point to 17 for its best reading since buyer-stimulus credits expired last spring. The gain appears in sales six-months out where the component rose two points to 27. The components for present sales and for traffic held unchanged at levels that are also the best since last spring.

We have housing starts data for February tomorrow.  Whether the number comes in strong or weak, there is little evidence, either in the foreclosure market or Case Shiller indexes, for optimism in spite of these rising numbers.  Think of this little uptick as the eye of the hurricane.   Via NAHB:

After four consecutive months hovering at the same low level, builder confidence in the market for newly built, single-family homes improved by a single point in March, rising to 17 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). This is the highest level the HMI has reached since May 2010, when the survey period corresponded with the final days of the federal home buyer tax credit program.


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