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Tuesday afternoon, the National Association of Home Builders released its report on homebuilder confidence in the month of February, showing that confidence improved amid favorable home buying conditions and signs of healing in the job market.
The report showed that the National Association of Home Builders/Wells Fargo Housing Market Index rose to 17 in February from 15 in January, reflecting an improvement in builder confidence in the market for newly built, single-family homes.
NAHB Chairman Bob Jones said, "Continued low interest rates, very attractive home prices that appear to have stabilized in many markets, and the availability of the home buyer tax credit make this an opportune time for potential purchasers."
"As a result, builders are slightly more optimistic that the housing recovery is finally beginning to take root," he added.
The increase by the housing market index reflected increases by two out of three of its component indexes. The index gauging current sales conditions rose to 17 in February from 15 in January, while the index gauging sales expectations in the next six months rose to 27 from 26 in the previous month
Meanwhile, the component gauging traffic of prospective buyers remained flat, at 12.
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