Economists who were surveyed by wsj anticipated the gauge to hit 62 for Jan. Dec.’s index was revised downward one point to 60, a drop from 62 in Nov. and from record-high 65 in Oct.
NAHB Chief Economist David Crowe said the reading shows the “economic outlook remains promising, as consumers regain confidence and home values increase, which will help the housing market move forward.”
Low interest rates and rising rents historically have led to more new home sales, but even though employment is rising, wages have remained relatively static, which translates into would-be homebuyers cannot afford to save enough for a down payment, especially with home values rising.”
As MHProNews understands, in Oct. 2005 the index measured 68 but had fallen to 31 within a year. ##
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