Homebuilder Sentiment Hits 5 Year High:
U.S. homebuilder sentiment rose
in August to its highest level in more than five years, a fresh sign that the
battered housing market is turning the corner, data from the National
Association of Home Builders showed.
The NAHB/Wells Fargo Housing Market index gained to 37 this month from 35 in July, the group said in a statement, topping economists' expectations for it to hold steady with last month.
The NAHB/Wells Fargo Housing Market index gained to 37 this month from 35 in July, the group said in a statement, topping economists' expectations for it to hold steady with last month.
It was
the highest level since February 2007 and the fourth month in
a row sentiment has improved. The index has surged by more than 20 points since
last summer.
In a separate report, the Commerce Department reported that new permits for building homes rose 6.8 percent in July to a 812,000 unit pace, the highest rate since August 2008.
In another positive
sign for housing, the University of Michigan's U.S. Consumer Sentiment Index
improved in early August to its highest
level in three months.In a separate report, the Commerce Department reported that new permits for building homes rose 6.8 percent in July to a 812,000 unit pace, the highest rate since August 2008.
Layer upon Layer, economic news keeps stacking up to support a stronger housing market.
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