Industry News

Builders gain confidence in October

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Builder confidence in the market for newly built single-family homes rebounded by a couple of points in October to the same level at which it was gauged prior to hurricanes Katrina and Rita, according to the National Association of Home Builders/Wells Fargo Housing Market Index released today. "This is a reassuring sign that builder attitudes are bouncing back from the initial shock of the hurricanes' devastation and the economic uncertainties immediately following those storms, even in the midst of higher mortgage interest rates," said NAHB President Dave Wilson, a custom home builder from Ketchum, Idaho. "At the same time, the fact that the confidence level remains below the mid-year high may indicate that builders see the market finally beginning to plateau at a slightly slower, but quite healthy, pace," noted NAHB's chief economist, David Seiders. The index increased two points to 67 in October, returning to the same level it hit in August but still off the year's cyclical high o...