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To: Sully- who wrote (46547)	1/16/2002 3:14:30 PM
From: Sully-	Read Replies (1) \| Respond to of 65232

US homebuilders more optimistic in January-NAHB By Richard Leong NEW YORK, Jan 16 (Reuters) - U.S. homebuilders grew more optimistic in January on prospects of strong demand in 2002 and signs that the economy is poised to bounce back from recession and the Sept. 11 attacks, an industry group said on Wednesday. In its monthly survey, the National Association of Home Builders said its housing index rose in January to 61, its highest reading since November 2000 and up four points from December. A number over 50 means that more builders view sales conditions as good rather than poor. ``This substantial gain, coming on the heels of an eight-point rise in December, indicates???ence in the single-family market has fully rebounded in the wake of September 11 and the signs of econo Du Du Atypical of previous economic slowdowns, the U.S. housing m???sts said. ``We haven't seen any cyclical weakness, but there's not a lot of pent-up demand,'' said Christopher Low, chief economist at FTN Financial in New York The index returned to its pre-Sept. 11 level, coming in a point abo~ Du Dub Ka IN?he result of an imp Du Duj?e appreciation, Smith said. The Federal Reserve also noted the relative strength of the overall housing market in its closely watched ``Beige Book'' report on regional economic activities, which was released after the NAHB report. But the U.S. central bank cited pockets of housing weakness around the country. Homebuilders themselves have reaped the rewards of a resilient market. Leading housing developers such as Lennar Corp. (NYSE:LEN - news) and Centex Corp. ALL COMPONENTS POST GAINS IN JAN All three components of the NAHB market index -- current and expected home sales, as well as traffic from prospective buyers -- rose by three to four points in Januar??? 64 and 67, respectively, reaching their highest levels since August 2001. The reading on prospective homebuyer traffic rose four points to 50, its highest level since February 2000. Recent sunny home sales figures have offered ample reasons to fuel homebuilder optimism. In November, sales of new homes and existing homes rose 6.4 percent and 0.6 percent, respectively. Both figures beat analysts' forecasts. Mortgage interest rates, which have been trending higher since early November, have remained near historic lows. Interest rates on 30-year fixed-rate mortgages averaged 7.06 percent last week, down 7.14 percent from the prior week but up from 6.45 percent for the week ended Nov. 2, According to mortgage finance giant Freddie Mac, biz.yahoo.com