Homebuilder confidence rises - Puget Sound Business Journal (Seattle):

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It is the first back-to-baco increase in builder confidencr since February 2008 and is now at its highesgt level ineight months. The index measuring curren confidence rosetwo points, from 12 in Apri l to 14 in May. Any reading under 50 still indicates the majority of builders view conditionseas poor. “The fact that the May [Housiny Market Index] continued to tick up from April’x 5 point increase provides confirming evidenced that the improved confidencer level wasno fluke,” said NAHB chief economisty David Crowe.
“This continued increasew indicates that home buildersfeel we’re at or near the bottomj of the market and that positive signs lie aheae for builders and potential home buyers, provided that builder access to production credit significantly improves.” A separated index measuring expectations for the next six months rose thre points to 27. Builders and Realtors are hoping lowed prices and historically low mortgage rates will overcom tighterlending standards. The housing market may also benefit this year froman $8,000 tax credift for homebuyers. Earlier this month, the reported pending salez of existing homesrose 3.
2 percent in the first back-to-back increase in pending sales in a