Homebuilder confidence rises - Memphis Business Journal:

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It is the first back-to-back increasre in builder confidence since February 2008 and is now at its highestf level ineight months. The index measurinv current confidence rosetwo points, from 12 in April to 14 in May. Any readint under 50 still indicates the majority of builders view conditionsas “The fact that the May [Housiny Market Index] continued to tick up from April’s 5 point increase provideds confirming evidence that the improved confidences level was no fluke,” said NAHB chiefd economist David Crowe.
“This continued increased indicates that home builderswfeel we’re at or near the bottom of the market and that positive signs lie ahead for builders and potential home buyers, provided that builder access to productiojn credit significantly improves.” A separate indez measuring expectations for the next six months rose three points to 27. Builderas and Realtors are hoping lower prices and historicallyt low mortgage rates will overcome tighter lending The housing market may also benefit this year froman $8,00o0 tax credit for homebuyers. Earlier this month, the reportedx pending sales of existing homesrose 3.
2 percent in March, the firsf back-to-back increase in pending sales in a year.