The index for sales of new, single family homes rose to 20 from 19 in January.
That index is down from 39 in Feb 2007. So we still have a long way to go. There is increased traffic, but it's mostly people looking. Also the rise in mortgage rates last week will not help.
"Some potential buyers who have been sitting on the sidelines are starting to at least research a new home purchase given improving affordability factors and the large selection of units on the market," said NAHB chief economist David Seiders. "That said, builders know there's a difference between people looking and people buying, and their current outlook remains quite subdued."
Most of them are just looking. Many to gauge the housing market.
Home builders seek government policy action to spur the moribund market. "Congress must follow up on its recently enacted economic stimulus program by passing legislation that will jump-start the housing market and keep the economy moving forward," said Sandy Dunn, the NAHB's president for 2008
If banks and Wall St. can beg, why not the NAHB and the NAR.
"While builders remain very cautious about the outlook for new-home sales given today's economic environment, the fact that more consumers appear to be checking out their options is a good sign," said Ms. Dunn, a home builder from Point Pleasant, W.Va.
You know it's pretty bad when the best thing to look forward to is the traffic.
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