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Mon Nov 19, 2012, 10:10 AM

Homebuilder Confidence Rises to Six-Year High as U.S. Sales Jump [View all]

Source: Bloomberg

Confidence among U.S. homebuilders unexpectedly climbed in November to a six-year high, propelled by the biggest jump in sales in a decade, adding to signs the real-estate market is improving.

The National Association of Home Builders/Wells Fargo index of builder confidence increased to 46, the highest level since May 2006, from 41 in October, figures from the Washington-based group showed today. The median forecast in a Bloomberg survey of 49 economists called for no change. Readings below 50 mean more respondents said conditions were poor.

Companies like Toll Brothers Inc. (TOL) are benefiting as more affordable properties and record-low mortgage rates bring buyers into the market. Faster hiring, fewer foreclosures and easier credit would ensure a sustained rebound in the industry that was at the center of the 2008 financial crisis.

“Builders are reporting increasing demand for new homes as inventories of foreclosed and distressed properties begin to shrink in markets across the country,” Barry Rutenberg, chairman of the National Association of Home Builders and a builder from Gainesville, Florida, said in a statement. “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.”

Read more: Link to sourcehttp://www.bloomberg.com/news/2012-11-19/homebuilder-confidence-rises-to-six-year-high-as-u-s-sales-jump.html

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Reply Homebuilder Confidence Rises to Six-Year High as U.S. Sales Jump [View all]
Purveyor Nov 2012 OP
SweepPicker Nov 2012 #1
RitchieRich Nov 2012 #2
AldoLeopold Nov 2012 #3
jtuck004 Nov 2012 #4
AldoLeopold Nov 2012 #5
jtuck004 Nov 2012 #7
AldoLeopold Nov 2012 #9
jtuck004 Nov 2012 #10
NewEngland4Obama Nov 2012 #6
jtuck004 Nov 2012 #8
panAmerican Nov 2012 #11