Housing starts have bottomed but a recovery has been far from robust, as we are not seeing much in the way of upward momentum in the new home market. Fortunately, new home sales make up less than 10% of the housing market. Unfortunately, very modest gains in new home construction translate into only modest increases in jobs and GDP.
Builder confidence has improved off extremely depressed levels but remains in the basement. A reading of 50 indicates home builders are neither confidence or pessimistic about the market.
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