A report from Wells Fargo and the National Association of Home Builders (NAHB) suggests that confidence amongst homebuilders has improved in September as the housing market index, which measures builder confidence, ticked up 2 points to 18.
The index, which is made of three components, has a 22-year history.
The sales expectations index improved 2 points to 30 from the revised 24 in August, but the present housing index for single-family homes improved one point to 17. Meanwhile, the traffic of prospective buyers component improved to 14
A rating above 50 indicates optimism from homebuilders.
In the last 12 months, the index has dropped a total of 2 points. Back in February 2007, the index had a value of 39.
By Steve Stecyk and edited by Stephen Huebl
©CEP News Ltd. 2008