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"This is the first time that builder confidence has improved for three consecutive months since mid-2009"
- National Association of Home Builders Chief Economist David Crowe
Homebuilder sentiment increased for a third consecutive month in December, said the National Association of Home Builders on Monday. The NAHB/Wells Fargo Housing Market index rose to 21 this month from downwardly revised 19 in November. Reading below 50 indicates negative outlook.
"This is the first time that builder confidence has improved for three consecutive months since mid-2009, which signifies a legitimate though slowly emerging upward trend," said National Association of Home Builders Chief Economist David Crowe.
"While large inventories of foreclosed properties continue to plague the most distressed markets and consumer worries about job security and the challenges of selling an existing home remain significant factors, builders are reporting more inquiries and more interest among potential buyers than they have seen in previous months."