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Homebuilder Confidence Doubles In 12 Months
   Homebuilder confidence is soaring.                      
For the second time in three months, the National Association of Homebuilders reports that the Housing Market Index made sizable gains. 
The Housing Market Index measures homebuilder confidence in the new construction market and is scored between 1-100. Readings above 50 indicate favorable conditions in the single-family new home market. Readings below 50 indicate poor conditions.
The Housing Market Index leaped to 35 in July, a 6-point improvement and the index’s biggest one-month gain since September 2002.
The HMI is now up 14 points this year and is more than double its value of one year ago.
The Housing Market Index itself is a composite of three separate survey questions sent to NAHB members monthly. The questions are basic :
How are market conditions for the sale of new homes today? How are market conditions for the sale of new homes in 6 months? How is prospective buyer foot traffic? For July 2012, home builders reported huge gains. Current home sales are up 6 points; sales expectations for the next six months are up 11 points; and buyer foot traffic is up 6 points.
All three ... more

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