The December NAHB/Wells Fargo Housing Market Index rose four points to 58 as builders recovered from hesitancies in October and November. The increase puts the index back up to the peak it reached in August before the rise in mortgage rates and the uncertainty caused by the debt and deficit debate cooled confidence. This December index is 37 points above the December 2011 level.
All three of the components also showed significant increases with current sales rising 6 points to 64, the highest since December 2005. Expected sales increased 2 points to 62 and traffic increased 3 points to 44.
The three-month moving averages for the four Census regions were down in three regions as the left over effect of the declines in October and November overwhelmed the most recent increases. The Northeast, Midwest and West each fell 1 point to 38, 59 and 59 respectively while the South increased…
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