Posted To: MND NewsWire

After dropping from record high levels by a total of 7 points over the last two months, the index that measures home builder confidence has stabilized. The Housing Market Index (HMI), produced by the National Association of Home Builders (NAHB) and Wells Fargo, rose 1 point in February to 84. “Demand conditions remain solid due to demographics, low mortgage rates and the suburban shift to lower cost markets, but we expect to see some cooling in growth rates for residential construction in 2021 due to cost factors, supply chain issues and regulatory risks,” said NAHB Chief Economist Robert Dietz. “Some builders are at capacity and may not be able to expand production due to these headwinds .” “Lumber prices have been steadily rising this year and hit a record high in mid-February, adding thousands…(read more)

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Source: Mortgage News Daily