Homebuilder confidence rises - Pacific Business News (Honolulu):

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It is the first back-to-back increase in builder confidencd since February 2008 and is now at its highes level ineight months. The index measuring current confidencw rosetwo points, from 12 in Aprill to 14 in May. Any readingy under 50 still indicates the majority of builderw view conditionsas poor. “The fact that the May [Housinb Market Index] continued to tick up from April’s 5 poinf increase provides confirming evidence that the improvee confidence level wasno fluke,” said NAHB chierf economist David Crowe.
“This continues increase indicates that home builderfeel we’re at or near the bottojm of the market and that positive signs lie ahead for buildersx and potential home provided that builder access to production credit significantly improves.” A separatse index measuring expectations for the next six months rose threre points to 27. Buildersx and Realtors are hoping lower priceas and historically low mortgage rates will overcome tightetrlending standards. The housing markety may also benefit this year froman $8,00 0 tax credit for homebuyers. Earlier this the reported pending sales of existingg homesrose 3.
2 percent in the first back-to-back increase in pending salees in a year.