Builder Confidence Increases

Builder confidence in the market for newly built single-family homes increased in November after a slight October drop, according to a National Association of Home Builders update. The NAHB/Wells Fargo Housing Market Index rose four points to 58. Any number over 50 indicates that more builders view conditions as good than poor. “Growing confidence among consumers is what’s fueling this optimism among builders,” said NAHB Chairman Kevin Kelly. “Members in many areas of the country continue to see increasing buyer traffic and signed contracts.” Earlier the Mortgage Bankers Association reported mortgage applications for new home purchases in October increased by 8.5 percent from September.

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