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Economy in Brief

U.S. NAHB Housing Market Index Stable At Record Low
by Tom Moeller November 19, 2007

The Composite Housing Market Index from the National Association of Home Builders' (NAHB) at 19 in November remained stable, near record lows, m/m versus the downwardly revised level of the prior month.

The index rose very slightly m/m in most areas of the country but fell sharply (-52.5% y/y) in the South.

During the last twenty years there has been a 76% correlation between the y/y change in the Composite Index and the change in single family housing starts.

The sub-index from the NAHB for current sales (-45.5% y/y) and prospective sales in the next six months (-44.4% y/y) were both roughly stable m/m.

Similarly, traffic of prospective home buyers was up very slightly m/m bu remained down 41% from this past February's high.

The NAHB index is a diffusion index based on a survey of builders. Readings above 50 signal that more builders view conditions good than poor.

Visit the National Association of Home Builders.

The Decline in the U.S. Personal Saving Rate: Is It Real and Is It a Puzzle? from the Federal Reserve Bank of St. Louis is available here.

Nat'l Association of Home Builders  November October   Nov. '06  2006 2005 2004
Composite Housing Market Index 19 19 33 42 67 68
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