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"In view of the tightening supply and other improving conditions, many potential buyers who were on the fence are now motivated to move forward with a purchase in order to take advantage of today's favorable prices and interest rates," said NAHB Chairman Barry Rutenberg.
Meanwhile, the nation's homebuilder confidence surged to 41 in November, showing signs of growth for the seventh consecutive month and touching the highest level since May 2006. However, the reading was still below 50, indicating the builders still regard conditions as insufficient.