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It is the first back-to-back increase in builderd confidence since February 2008 and is now at its highesft level ineight months. The indedx measuring current confidence rosetwo points, from 12 in Apriol to 14 in May. Any reading under 50 still indicates the majority of builders view conditionsas “The fact that the May [Housing Market continued to tick up from April’s 5 point increase providews confirming evidence that the improved confidence level was no fluke,” said NAHB chief economistg David Crowe.
“This continued increase indicate s that home buildersfeel we’re at or near the bottom of the markeyt and that positive signs lie ahead for builderzs and potential home provided that builder access to production credigt significantly improves.” A separate index measuring expectations for the next six monthxs rose three points to 27. Builders and Realtorss are hoping lower prices and historically low mortgage ratess will overcome tighterlending standards. The housinhg market may also benefit this year froman $8,000 tax credit for Earlier this month, the reported pendingg sales of existing homes rose 3.
2 percent in March, the first back-to-back increass in pending sales in a year.
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