Posted To: MND NewsWire

Nearly all financial indicators took a hit last month as unemployment measures shot higher, businesses shut down, and consumers and their families self-quarantined. Probably none of those measures suffered a bigger bloodbath than the Housing Market Index (HMI) sponsored by the National Association of Home Builders (NAHB) and Wells Fargo. The index, which measures NAHB’s home builder members confidence in the market for newly constructed homes, typically moves 1 or 2 points higher or lower each month. In April it plunged 42 points , the largest monthly change in its more than 30-year history, ending up at a reading of 30. This month it clawed back some of those losses. The index rose 7 points, a signal according to NAHB “that the housing market is showing signs of stabilizing and gradually moving…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: Mortgage News Daily