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Builder Confidence Continues to Shatter Previous Records
Tuesday, November 17, 2020
For the third straight month the level of builder
confidence in the new home market set a record high. The National Association
of Home Builders (NAHB) said the Housing Market Index (HMI) it co-sponsors with
Wells Fargo soared 5 points in November to 90. This is the highest level in the
35-year history of the HMI which set records of 83 in September and 85 in
October. These are the only times in its history that the Index surpassed the
80-point level and is triple its level in April when the pandemic caused it to
plunge. NAHB cautioned, however, that 69
percent of the survey responses were received before the results of the
presidential election were called on Nov. 7. The election results and their
future impacts on housing market conditions, will be more fully reflected in
December's HMI report.
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