Wednesday, September 19, 2012

Renewed Confidence in the Housing Market

There was another step forward for the housing industry this week, as confidence among home builders rose to its highest level since before the onset of the recession in 2007, according to the National Association of Home Builders. After rising for the fifth consecutive month, the confidence index hasn't been stronger than this since June of 2006.

All three facets of the index rose in September: builders' expectations for sales over the next six months, current sales conditions, and traffic from potential buyers. And regionally speaking, the biggest jump in the index was right here in the Northeast.

That's not a surprise, because we have seen some improvement in the market here in New Jersey. In the second quarter of this year, home prices in our state rose for the first time in five years, dating back to the first quarter of 2007. It has been a long time coming, but the housing market may finally be getting its legs under it.

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