"This month's modest uptick in builder confidence comes on the heels of a four-point gain in May and is reflective of the continued, gradual improvement we are seeing"
- Barry Rutenberg, chairman of the NAHB
Homebuilder sentiment rose to the highest in five years in June, said the National Association of Home Builders on Monday. The NAHB/Wells Fargo Housing Market index increased to 29 from a revised 28 in May.
"This month's modest uptick in builder confidence comes on the heels of a four-point gain in May and is reflective of the continued, gradual improvement we are seeing," said Barry Rutenberg, chairman of the National Association of Home Builders.
"While the June HMI is in keeping with our forecast for gradually improving single-family home sales this year, recent economic reports that have shown some weakening in the pace of recovery likely factored into the marginal gain," David Crowe, the association's chief economist, said.
"In addition, builders across the country continue to report that overly tight lending conditions and inaccurate appraisals are major obstacles to completing sales at this time."
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