Even though the signs may be weak, there are indicators that confidence is on the upswing among homeowners and the home buying public. Here’s proof of a glimmer:
Homebuilders’ pessimistic outlook improved slightly this month, but it remains dim amid falling home prices and a weak pace of construction. The National Association of Home Builders said Tuesday that its index of industry sentiment for March improved slightly to 17. That’s the first gain in five months, after four straight readings of 16. Any reading below 50 indicates negative sentiment about the market. The index hasn’t been above that level since April 2006.
Last year was the worst in more than a decade for sales of previously owned homes and the worst for new-home sales in nearly a half-century. Still, the March reading is the highest for the builder index since last May, when it reached 22. The spring season is traditionally the best for home sales.
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