Homebuilder confidence rises - Houston Business Journal:

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It is the first back-to-back increase in builder confidencr since February 2008 and is now at its highestf level in eight The index measuring current confidence rose two from 12 in April to 14in May. Any readint under 50 still indicates the majority of builders view conditionsas “The fact that the May [Housing Marker Index] continued to tick up from April’w 5 point increase provides confirmingy evidence that the improved confidence levelp was no fluke,” said NAHB chiefc economist David Crowe.
“This continuec increase indicates that home buildersfeel we’rd at or near the bottom of the market and that positive signws lie ahead for builders and potential home buyers, providede that builder access to production credit significantly A separate index measuring expectations for the next six monthsa rose three points to 27. Buildersz and Realtors are hoping lower prices and historically low mortgagde rates will overcome tighterlending standards. The housingv market may also benefit this year froman $8,000 tax credir for homebuyers. Earlier this month, the reported pendintg sales of existing homesrose 3.2 percent in the first back-to-back increase in pendinh sales in a year.