U.S. Homebuilder Confidence Index Increased to 16 in November

Confidence among U.S. homebuilders improved for a second month in November, a sign residential construction may hold at depressed levels.

The National Association of Home Builders/Wells Fargo confidence index increased to a five-month high of 16 from a revised 15 in October that was weaker than initially reported, data from the Washington-based group showed today. A reading of 17 was the median forecast in a Bloomberg News survey of economists.

Residential construction may take years to recover to pre- recession levels as foreclosures stay elevated and depress prices by adding to inventory. Housing demand is also being restrained by unemployment near 10 percent, even as mortgage rates hover near record lows.

Read Full Article from Bloomberg

- Posted: 2010-11-16 09:16:42

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