Home builder confidence for the new, single-family home market posted its seventh consecutive month gain, reaching its highest level since May of 2006, according to the November index by the National Association of Home Builders and Wells Fargo.
“Builders are reporting increasing demand for new homes as inventories of foreclosed and distressed properties begin to shrink in markets across the country,” says NAHB Chair Barry Rutenberg. “In view of the tightening supply and other improving conditions, many potential buyers who were on the fence are now motivated to …
move forward with a purchase in order to take advantage of today’s favorable prices and interest rates.”
NAHB Chief Economist David Crowe says, “At this point, difficult appraisals and tight lending conditions for builders and buyers remain limiting factors for the burgeoning housing recovery, along with shortages of buildable lots that have begun popping up in certain markets.”
via Home Builders Feeling Better About Market Conditions.
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