US homebuilder confidence up in March

| March 15, 2011 | 0 Comments
US homebuilder confidence up in March

US homebuilder confidence grew in March, according to the National Association of Home Builders (NAHB)/Wells Fargo sentiment index.

The index showed a reading of 17 in March from February’s 16 - in line with forecasts, according to the Washington-based group.

The reading was the highest since May 2010 and suggests the housing market is stabilising as firms expect better sales in the coming six months.

The index, which first commenced more than 25 years ago, hit an all-time low of 8 in January 2009 and averaged 54 in the five years prior to the recession in December 2007.

Commenting on today’s figures, Bob Nielsen, chairman of the NAHB, said: “Builders are cautiously looking forward to the spring home buying season in hopes that improving economic conditions will help bring more buyers to the table.”

He cautions: “However, the same factors that have been weighing down the market are still very much in play.”

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