Housing Market Index Drops to 2nd Highest Level of 2016

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Posted To: MND NewsWire

The Housing Market Index (HMI), a measure of home builder confidence in the new home market, gave back a bit of its September surge this month. The National Association of Home Builders (NAHB)/Wells Fargo index dropped 3 points from September to 63, exactly the consensus prediction of analysts surveyed by Econoday. The HMI had gained an unexpected 6 points in September, rising to 65 after orbiting in a narrow range of 58 to 61 for 10 months. The September index tied with October 2015 for the highest index value since the housing bubble in the mid-2000s. The HMI composite index contains three components each gauging home builder responses to a survey that NAHB has been conducting for 30 years. Builders are asked to give their perceptions of current single-family home sales and their expectation…(read more)

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