Home builder confidence held firm this month, according to the National Association of Home Builders’ monthly Housing Market Index. September’s reading of 13 equaled a 17-month low.
The HMI is on a 1-100 scale. A value of 50 or better indicates “favorable conditions” for home builders.
Broken down, the Housing Market Index is actually a weighted composite of 3 separate surveys which measures current single-family sales; projected single-family sales; and foot traffic of prospective buyers.
None of the 3 September surveys improved from August:
- Single-Family Sales : 13 (unchanged from August)
- Projected Single-Family Sales : 18 (unchanged from August)
- Buyer Foot Traffic : 9 (from 10 in August)
Builder confidence is lower in 2010 than at any point in recorded history.
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