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Daily Real Estate News  |  November 17, 2006  |   Home Builder Confidence Rises Again
Home builders’ confidence has improved for the second straight month.

The National Association of Home Builders says its members’ confidence in the housing market had fallen for eight months in a row to a 15-year low of 30 in September.

But beginning last month, the index went up again to 31 in October and 33 in November. The index peaked at 72 in June 2005 and was at 61 this time last year.

"More and more builders are seeing light at the end of the tunnel," says David Pressly, president of the NAHB and a builder based in Statesville, N.C. "Our members are telling us that the market is steadying after a significant downward correction. We look for sales to stabilize and gradually move up in the coming months."

Robert Brusca, chief economist for FAO Economics, agrees. "The data tell us that the worst of housing is behind us," Brusca says.

Source: Dow Jones Business News, Rex Nutting (11/16/2006)

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