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US builder sentiment recovers in January

US builder sentiment recovers in January

Mubasher: US home builder morale improved in January on a gradual decline in mortgage rates in recent weeks, data showed on Wednesday.

The National Association of Home Builders’ (NAHB) monthly confidence index, which gauges the newly-built single family home market outlook, gained two points to 58 in January.

“Lower interest rates that peaked around 5% in mid-November and have since fallen to just below 4.5% will help the housing market continue to grow at a modest clip as we enter the new year,” NAHB chief economist Robert Dietz said.

The current sales conditions index, which is one of the components of the overall NAHB index added two points to 63, while the gauge of the expected sales in the coming six months rose three points to 64 and the buyer traffic tracker went up one point to 44.

With the partial government shutdown in the US, the Census Bureau would not release its data on housing starts and permits.

NAHB projected that the Census figures would reveal that the single-family starts ended the year with a total of 848,900.