Homebuilder confidence reaches 4-year high in February

02/15/2012 | MarketWatch

Homebuilder sentiment improved in February, with the National Association of Home Builders/Wells Fargo housing market index rising from 25 in January to 29 this month. "This is the longest period of sustained improvement we have seen in the HMI since 2007, which is encouraging," said David Crowe, chief economist at NAHB. "However, it is important to remember that the HMI is still very low, and several factors continue to constrain the market. Foreclosures are still competing with new home sales, and many builders are seeing appraisals come in at less than the cost of construction," Crowe said.

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