Saturday June 24th 2017

Home Builder Confidence Good in November

NAHB_index_chartFree News Press – Despite the wrangling in Washington, Home Builder Confidence remains good in November, according to research published by the National Association of Home Builders (NAHB).

Low interest rates and an improvement in the economy provided the impetus for confidence, but there are some challenges. “Given the current interest rate and pricing environment, consumers continue to show interest in purchasing new homes, but are holding back because Congress keeps pushing critical decisions on budget, tax and government spending issues down the road,” said NAHB Chairman Rick Judson.

“Meanwhile, builders continue to face challenges related to rising construction costs and low appraisals.”

NAHB Chief Economist David Crowe says the economic uncertainty has waged its toll. The index remained at a revised level of 54, just four points in positive territory. “The fact that builder confidence remains above 50 is an encouraging sign, considering the unresolved debt and federal budget issues cause builders and consumers to remain on the sideline,” Crowe said.

The HMI index gauging current sales conditions in November held steady at 58. The component measuring expectations for future sales fell one point to 60 and the component gauging traffic of prospective buyers dropped one point to 42.

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