Index: Homebuilder confidence posts sharp increase in April

04/16/2009 | CNNMoney · Reuters · Wall Street Journal, The

Homebuilder confidence rose more than 50% in April, from 9 to 14. Although still well below the 50 which shows a neutral outlook, this is the largest jump in seven years, according to the Housing Market Index. The sharp increase indicates that many builders believe the housing market has hit a bottom, said National Association of Home Builders Chief Economist David Crowe. The index measures housing sales and sales expectations.

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