Home Builders Brighten Their View -- a Bit
Home builder confidence in new, single-family homes rose to a score of 17 in March, according to the National Association of Home Builders/Wells Fargo Housing Market Index. The last time builder confidence was this high, the controversial 2010 first-time homebuyer tax credit was still driving sales.
But even with the recent uptick, home builders must contend with prevailing obstacles such as competition from short sales and foreclosures, a weak sellers' market and a restrictive lending environment.
Generally, a score of 50 or higher indicates that a majority of home builders view the market favorably, but the index has not reached this tipping point since April, 2006-when the housing bubble was primed to burst.
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