A foundation is being built for the housing recovery as 2012 makes the turn toward the backstretch of a year many see as the start of something good, or at least a lot better than the previous five or six years. That foundation, appropriately enough, is coming from homebuilder confidence. A report from the National Association of Home Builders in July showed the largest one-month gain since September 2002 in the newly built single-family home market. Gains were shown in homebuilder confidence over rising sales conditions, prospects for future sales and traffic of prospective buyers.
“This is greater evidence that the housing market has turned the corner as more buyers perceive the benefits of purchasing a newly built home while interest rates and prices are so favorable,” NAHB chairman Barry Rutenberg said in a statement.