Homebuilder confidence in the market for newly-built, single family homes appears stable as the spring buying season gets underway.
Homebuilder confidence held firm for the second straight month this month, according to the National Association of Home Builders.
Despite an unfavorable HMI reading, home builders might still be less willing to "make a deal"; holding out for a better 2011.
According to the NAHB, October's HMI reading of 16 is its highest value in 5 months. The uptick hints that the market for newly-built homes may rebound more quickly that this summer's weak new homes sales figures would otherwise suggest.
After reaching a 3-year high just 90 days ago, the National Association of Homebuilders' Housing Market Index is now at a multi-year low after falling by almost half.