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Builder Confidence Crushes Expectations

Posted To: MND NewsWire

The COVID-19 outbreak struck a major blow to builder confidence in April. The prospect of widespread shutdowns of businesses and prolonged shelter at home orders sent the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) spiraling down 42 points, its largest monthly change in a more than 30 year history, to a reading of 30. The index, a measure of home builder confidence in the market for new homes, recovered slightly in May, rising 7 points. This morning NAHB said, in a sign that housing stands poised to lead a post-pandemic economic recovery , its index soared 21 points to 58, now only 14 points below where it finished in March. Any reading above 50 indicates a positive market. NAHB’s leadership is clearly upbeat. Chairman Dean Mon said, “As the nation reopens,…(read more)

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