The National Association of Home Builders/Wells Fargo Housing Market Index rose to 16 this month from 14 last month, reaching its highest level in eight months. Housing affordability hit a record 72.5 in the first quarter, the survey found. "It is a very important indicator that we are approaching the bottom and market stability could be just around the corner. That is what we are hoping for," said Jerry Howard, CEO of the National Association of Home Builders.

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