[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Mail]  [Sign-in]  [Setup]  [Help]  [Register] 

Rare Van Halen Leicestershire, Donnington Park August 18, 1984 Valerie Bertinelli Cameo

If you need a Good Opening for black, use this.

"Arrogant Hunter Biden has never been held accountable — until now"

How Republicans in Key Senate Races Are Flip-Flopping on Abortion

Idaho bar sparks fury for declaring June 'Heterosexual Awesomeness Month' and giving free beers and 15% discounts to straight men

Son of Buc-ee’s co-owner indicted for filming guests in the shower and having sex. He says the law makes it OK.

South Africa warns US could be liable for ICC prosecution for supporting Israel

Today I turned 50!

San Diego Police officer resigns after getting locked in the backseat with female detainee

Gazan Refugee Warns the World about Hamas

Iranian stabbed for sharing his faith, miraculously made it across the border without a passport!

Protest and Clashes outside Trump's Bronx Rally in Crotona Park

Netanyahu Issues Warning To US Leaders Over ICC Arrest Warrants: 'You're Next'

Will it ever end?

Did Pope Francis Just Call Jesus a Liar?

Climate: The Movie (The Cold Truth) Updated 4K version

There can never be peace on Earth for as long as Islamic Sharia exists

The Victims of Benny Hinn: 30 Years of Spiritual Deception.

Trump Is Planning to Send Kill Teams to Mexico to Take Out Cartel Leaders

The Great Falling Away in the Church is Here | Tim Dilena

How Ridiculous? Blade-Less Swiss Army Knife Debuts As Weapon Laws Tighten

Jewish students beaten with sticks at University of Amsterdam

Terrorists shut down Park Avenue.

Police begin arresting democrats outside Met Gala.

The minute the total solar eclipse appeared over US

Three Types Of People To Mark And Avoid In The Church Today

Are The 4 Horsemen Of The Apocalypse About To Appear?

France sends combat troops to Ukraine battlefront

Facts you may not have heard about Muslims in England.

George Washington University raises the Hamas flag. American Flag has been removed.

Alabama students chant Take A Shower to the Hamas terrorists on campus.

In Day of the Lord, 24 Church Elders with Crowns Join Jesus in His Throne

In Day of the Lord, 24 Church Elders with Crowns Join Jesus in His Throne

Deadly Saltwater and Deadly Fresh Water to Increase

Deadly Cancers to soon Become Thing of the Past?

Plague of deadly New Diseases Continues

[FULL VIDEO] Police release bodycam footage of Monroe County District Attorney Sandra Doorley traffi

Police clash with pro-Palestine protesters on Ohio State University campus

Joe Rogan Experience #2138 - Tucker Carlson

Police Dispersing Student Protesters at USC - Breaking News Coverage (College Protests)

What Passover Means For The New Testament Believer

Are We Closer Than Ever To The Next Pandemic?

War in Ukraine Turns on Russia

what happened during total solar eclipse

Israel Attacks Iran, Report Says - LIVE Breaking News Coverage

Earth is Scorched with Heat

Antiwar Activists Chant ‘Death to America’ at Event Featuring Chicago Alderman

Vibe Shift

A stream that makes the pleasant Rain sound.

Older Men - Keep One Foot In The Dark Ages


Status: Not Logged In; Sign In

Business
See other Business Articles

Title: U.S. Homebuilder Confidence Climbs to Five-Year High in NAHB’s June Index
Source: Bloomberg
URL Source: http://www.bloomberg.com/news/2012- ... -climbs-to-five-year-high.html
Published: Jun 18, 2012
Author: Michelle Jamrisko
Post Date: 2012-06-18 12:04:31 by Brian S
Keywords: None
Views: 319

Confidence among U.S. homebuilders climbed in June to a five-year high, indicating a brighter outlook for residential construction.

The National Association of Home Builders/Wells Fargo confidence index rose to 29, the highest since May 2007, from a revised 28 in May that was lower than first estimated, a report from the Washington-based group showed today. The gauge exceeded the median estimate of 28 in a Bloomberg News survey. Readings below 50 mean more respondents said conditions were poor.

“This month’s modest uptick in builder confidence comes on the heels of a four-point gain in May and is reflective of the continued, gradual improvement we are seeing,” Barry Rutenberg, chairman of the National Association of Home Builders and a builder from Gainesville, Florida, said in a statement.

Cheaper properties and record-low mortgage rates are propelling demand and encouraging builders to take on new projects. At the same time, further momentum for housing construction may take time to unfold as access to credit is limited and ongoing foreclosures add to supply.

Today’s report showed a gain in the measure of current single-family home purchases. A gauge of sales in the next six months was stable as was the index of buyer traffic.

Estimates of 41 economists in the Bloomberg survey ranged from 26 to 32. The group revised May’s reading from a previously estimated 29. The gauge, which was first published in January 1985, averaged 54 in the five years leading to the recession in December 2007. It reached a record low of 8 in January 2009.

Bank Lending

“While the June HMI is in keeping with our forecast for gradually improving single-family home sales this year, recent economic reports that have shown some weakening in the pace of recovery likely factored into the marginal gain,” David Crowe, the association’s chief economist, said in a statement. “In addition, builders across the country continue to report that overly tight lending conditions and inaccurate appraisals are major obstacles to completing sales at this time.”

Lower interest rates have helped drive home refinancing and purchases. The Mortgage Bankers Association’s latest refinancing index climbed to a three-year high, while the Washington-based group’s purchase gauge for the week ended June 8 rose to the highest this year.

The builders group’s index of current single-family home sales increased to 32 this month, the highest since April 2007, from 30 in May. A measure of sales expectations for the next six months held at 34, and the gauge of buyer traffic stayed at 23.

The confidence survey asks builders to characterize current sales as “good,” “fair” or “poor” and to gauge prospective buyers’ traffic. It also asks participants to gauge the outlook for the next six months.

By Region

Confidence increased among builders in two of the four U.S. regions, today’s data showed. The measure of sentiment in the Midwest rose to 31 in June from 26, and in the West it climbed to a four-month high of 33 from 29. Confidence eased in the Northeast and South.

“Housing will remain under pressure for a while” even as it’s showing “positive signs,” Carol Tome, chief financial officer of Home Depot Inc. (HD), said at a June 6 investor conference.

High affordability is being offset by “very tight” credit, she said. In the first phase of the comeback, which should last a couple of years, the company probably won’t see a “major impact” from housing on its sales growth, Tome said.

Mortgage Rates

Cheaper properties, rising household incomes and low mortgage rates combined to push home affordability to an all- time high in the first quarter, according to the National Association of Realtors. The average rate on a 30-year, fixed- rate mortgage reached a record low of 3.67 percent in the first week of June, according to Freddie Mac.

The Federal Reserve’s latest Beige Book assessment of economic conditions indicated residential real estate may be reviving. Several of the central bank’s districts noted “consistent indications of recovery in the single-family housing market, although the recovery was characterized as fragile.”

Housing starts were little changed at a 721,000 annual pace in May after a 717,000 rate a month earlier, according to the Bloomberg survey median ahead of a Commerce Department report due tomorrow. Permits, a proxy for future construction, probably rose last month, economists predicted.

Post Comment   Private Reply   Ignore Thread  


[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Mail]  [Sign-in]  [Setup]  [Help]  [Register] 

Please report web page problems, questions and comments to webmaster@libertysflame.com