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U.S. Homebuilder Sentiment Rebounds In December
(RTTNews) - Homebuilder sentiment in the U.S. rebounded in December after falling for four consecutive months, according to a report released by the National Association of Home Builders on Monday.
The report said the NAHB/Wells Fargo Housing Market Index climbed to 37 in December after falling to an eleven-month low of 34 in November. Economists had expected the index to rise to 36.
"With mortgage rates down roughly 50 basis points over the past month, builders are reporting an uptick in traffic as some prospective buyers who previously felt priced out of the market are taking a second look," said NAHB Chairman Alicia Huey.
She added, "With the nation facing a considerable housing shortage, boosting new home production is the best way to ease the affordability crisis, expand housing inventory and lower inflation."
The rebound by the headline index came as the component measuring sales expectations in the next six months jumped to 45 in December from 39 in November.
The index gauging traffic of prospective buyers also rose to 24 in December from 21 in November, while the component charting current sales condition held steady at 40.
On Tuesday, the Commerce Department is scheduled to release a separate report on new residential construction in the month of November.
Economists expect housing starts to dip to an annual rate of 1.360 million in November from 1.372 million in October, while building permits are expected to decrease to an annual rate of 1.470 million in November from 1.487 million in October.
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