May 2009, Preston Press & Charter

May Preston2009, Press & Charter

 

NAHB's Housing Market Index Suggests Market At or Near Bottom

NAHB’s April Housing Market Index (HMI) data suggests that the housing market may be at or near the bottom, The HMI, which measures builder confidence in the single-family housing market, jumped five points in April, the largest one-month increase in five years. The HMI now stands at 14, the highest level since October 2008.

NAHB Chief Economist Dave Crowe appeared on CNBC Power Lunch to discuss the HMI report and was also quoted by the Wall Street Journal. After CNBC business reporter Diana Olick interviewed Crowe, she appeared in a live exchange and posted an online article trumpeting NAHB’s concerns about AD&C issues. “The NAHB’s chief economist told me yesterday that the one thing really weighing on builders right now is lack of credit,” Olick said. “Affordability is fantastic, demand is supposedly out there, all pent-up, but without help from all those bailed-out banks, builders will inevitably hit a wall.”

In a press release announcing the new figures, NAHB Chairman Joe Robson said: “Some of the most favorable buying conditions in a lifetime are now in place, and they are drawing more consumers back to the market.”

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