Builder Confidence Down in 3Q for 55+ Housing Market Nov 15, 2011

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Third-quarter 2011 builder confidence in the 55+ housing market for single-family homes was down three points from a year ago to 12, according to the latest National Association of Home Builders’ (NAHB) 55+ Housing Market Index (HMI).

The 55+ single-family HMI charts builder sentiment in the 55+ single-family market. An HMI above 50 means that more builders view conditions as good than poor.

Of the index components:
• present sales were down four points from 3Q 2010 to 11
• expected sales (six months into the future) were down nine points to 15
• prospective buyer traffic was up two points to 13

NAHB Chairman Bob Nielsen, a home builder from Reno, NV, said the 55+ single-family market is weak, with buyers facing economic uncertainties.
"While potential buyers exist," he said, "they are hesitant to commit to buying a new home as they are concerned about selling their existing home at a fair price, due to low appraisals, an abundance of foreclosures, and tighter mortgage lending criteria.”

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