Levels of positive sentiment in the US's National Association of Home Builders (NAHB) has increased to 62%, despite significantly lower levels of mortgage approvals and home sales. Zero Hedge notes that rather than builder sentiment echoing a healthy housing market, is it more likely to be unfounded confidence. The NAHB said on Wednesday its index rose to 62.1 from 62.9 last month, with builders reporting an increase in new construction permits for April.
Levels of positive sentiment in the US's National Association of Home Builders (NAHB) has increased to 62%, despite significantly lower levels of mortgage approvals and home sales. Zero Hedge notes that rather than builder sentiment echoing a healthy housing market, is it more likely to be unfounded confidence. Previously, equally strong levels of market confidence were reported in 2005, when transactions and mortgage approval rates were also high.