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Construction equipment users see improvement in market for homes

Thursday, October 21, 2010

Homebuilders felt more confident about consumer interest in the housing market.
Homebuilders felt more confident about consumer interest in the housing market.

More construction equipment users showed positive feelings about the market, a recent survey shows.

According to the National Association of Home Builders/Wells Fargo Housing Market Index, builder confidence in the market for new single-family homes increased to 16 in October, after being at 13 the month before.

David Crowe, NAHB chief economist, said the market for new construction has moved beyond stagnation experienced after the end of the government's homebuyer tax credit and a general stalling of economic increases during the summer.

"While challenges such as competition from foreclosures, inaccurate appraisal values, and general consumer uncertainty about the economy and job market continue to be major factors, builders have seen a slight increase in consumers who are considering a home purchase," Crowe said.

Further improvement may come as mortgage rates have been at or near all-time lows. This is encouraging buyers to enter the market, although they may still turn to purchasing existing homes or foreclosed properties.

Other concerns facing construction equipment users include difficulties in trying to find financing, while buyers may find it more difficult to qualify for a mortgage.

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