"While seasonal trends in home prices resulted in an overall decline in the IMI this month, the index remains at a very strong level and continues to represent markets in every state"
- Rick Judson, NAHB Chairman
The U.S. housing recovery falters, with the number of improved local housing markets across the country declining for a second consecutive month in May, the National Association of Home Builders said on Monday. Nevertheless, outlook for continued recovery still remains positive. In May, the number of improved markets fell to 258 from 273 a month earlier, according to the Improving Markets Index (IMI).
"Our industry's progress on the road to recovery is being slowed by rising challenges related to the availability of credit, building materials, labor and lots for development," said NAHB Chairman Rick Judson.
"While seasonal trends in home prices resulted in an overall decline in the IMI this month, the index remains at a very strong level and continues to represent markets in every state," noted NAHB Chief Economist David Crowe.
The IMI traces metropolitan area, which have shown signs of improvement in housing permits, employment and home prices for at least 6 straight months.
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