Builder confidence rises in fourth consecutive month
Posted on Thursday, January 26, 2012 at 8:52:37 AM
According to the NAHB/Wells Fargo Housing Market Index (HMI) report released Wednesday, January 18, 2012, builder confidence has risen for the fourth consecutive month. The rise is attributed to the greater interest many builders see from financially stable buyers with approved lending money.
"Builder confidence has now risen four months in a row, with the latest uptick being universally represented across every index component and region," said Bob Nielsen, chairman of the National Association of Home Builders (NAHB). "This good news comes on the heels of several months of gains in single-family housing starts and sales, and is yet another indication of the gradual but steady improvement that is beginning to take hold in an increasing number of housing markets nationwide."
The positive movement in another facet of the housing market has consumers, realtors and builders considering new ventures with optimism. Already, there has been a slight uptick in mortgage applications by 23.1 percent, according to the Mortgage Bankers Association. While recovery is expected to be slow, residential financing options are expected to rise to meet the demands of those applicants who feature strong credit scores and can make substantial down payments.