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Homebuilder confidence soars in September

The National Association of Home Builders released the Wells Fargo Housing Market Index (HMI) on

Wednesday, which revealed the highest level in almost nine years with a 59. A number above 50

indicates more builders view sales conditions as good instead of poor. The HMI also showed that

builders are gaining confidence on a regional and national level and last month all builders that were

surveyed reported gains from last month.

Economists believe this is due to the job gains and an improving unemployment rate. However, this

does not include first time home buyers. With the rising price of homes and the mediocre wage

growth we are not seeing first time home buyers purchase new construction. Instead people who are

purchasing these new construction homes are families wanting to upgrade. Although this only refers to

new homes, the housing market has been improving over the past two years.

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