Homebuilder optimism up for 5th straight month

Homebuilder optimism up for 5th straight month

For the fifth consecutive month, homebuilders are feeling upbeat about prospects for the market in single-family homes, offering another positive signal for the depressed housing industry.

The NAHB/Wells Fargo Housing Market Index rose to 29 from 25 in February, hitting the highest level in four years, the National Association of Home Builders said on Wednesday.

The index has climbed 15 points since September and is now at its highest level since May 2007…

…“Builder confidence has doubled since September as measured by the HMI,” said NAHB Chairman Barry Rutenberg, a home builder from Gainesville, Fla. “Given the recent improvements in new home starts and the increasing number of markets included in the NAHB/First American Improving Markets Index, this consistency suggests that the housing market is moving toward more sustainable growth.”

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