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Homebuilder Sentiment up in May
U.S. homebuilder sentiment jumped in May to its highest level in eight months, spreading hope that the protracted housing slump might have already bottomed and the road to recovery is ahead. The National Association of Home Builders/Wells Fargo Housing Market Index rose to 16 from 14 in April, the second straight monthly gain. The index measures builder confidence in the market for newly built, single family homes. "This continued increase indicates that home builders feel we're at or near the bottom of the market and that positive signs lie ahead for builders and potential home buyers, provided that builder access to production credit significantly improves," said NAHB chief economist David Crowe.
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Date Last Updated: 05/20/2009
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