By Jann Swanson | Mortgage News Daily
There was a flicker of life this month in the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). After spending four consecutive months stuck at a reading of 58, the index gained two points to reach its highest reading since January.
The index, a measure of home builder’s confidence in the market for newly constructed homes, reached a multi-year high of 65 in October 2015 but then declined steadily before stabilizing at 58. Analysts surveyed by Econoday had expected an uptick to 59 this month.
