Builder Confidence Up For 1st Time In 5 Months

Builder confidence rose for the first time in five months, a sign that builders are starting to see interest from potential buyers. The National Association of Home Builders/Wells Fargo Housing Market Index for October shows builder confidence rose three points to 16. The index gauges builders’ perception of the market for newly built, single-family homes. A number below 50 indicates negative sentiment about market conditions. David Crowe, NAHB’s chief economist, said the new-homes market is finally moving past the lull that occurred after the expiration of the homebuyer tax credit. More here and here.

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Housing, Tax Credits, And The Economy

Bernie Markstein, senior economist with the National Association of Home Builders, says the homebuyer tax credit helped stabilize prices but further improvement in housing is now dependent on general economic growth.

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Builder Confidence Holds In September

According to the National Association of Home Builders/Wells Fargo Housing Market Index, builder confidence in the housing market held steady at 13 in September. The index gauges builders’ perception of the market for newly built, single-family homes. A number below 50 indicates more builders view conditions as poor than good. Despite remaining unchanged from August’s low level, NAHB’s chief economist David Crowe, said he expects, with moderate improvement in the job market, conditions should improve for new-home sales in the year’s final quarter. More here, here, and here.

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Housing Starts Rise As Permits Fall

Housing starts rose a less-than-expected 1.7 percent in July while applications for building permits fell to their lowest level since May 2009, according to a report from The U.S. Census Bureau and the Department of Housing and Urban Development. Permits were down 3.1 percent from June and 3.7 percent from last year. Year-over-year, housing starts fell 7 percent. The drop in building permits coincides with a report from The National Association of Home Builders showing builder confidence at its lowest level since March 2009. David Crowe, NAHB’s chief economist, said the report reflects the frustration builders are feeling regarding the effects foreclosed property sales are having on the new-homes market. Still, the NAHB feels that a combination of modest job gains, low mortgage rates, and pent-up demand will lead to a stronger housing market in the second half of 2010. More here, here, and here.

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Builder Confidence Falls To 15-Month Low

Without federal tax credits to boost demand, builder confidence dropped to its lowest level since March 2009. The National Association of Home Builders/Wells Fargo Housing Market Index fell two points to 14 in the month of July. The monthly survey gauges builders’ perception of the market for newly built, single-family homes. A number below 50 indicates more builders see conditions as poor than good. David Crowe, NAHB’s chief economist, said the lower number reflects the underlying market conditions, including hesitant buyers, tight credit, and the number of foreclosed and distressed properties priced below the cost of construction. More here, here, and here.

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