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Other sign of the housing recovery home builder confidence up in October for the sixth straight month.
And at its highest level since June of 2006.
Joining me -- to Fox Business exclusive with more on the housing market index Jerry -- CEO of the national association of -- -- -- start with credit quality credit conditions on this -- because still we are seeing that as a reason my -- dollars -- not taken this number above fifty which is growth in the industry where are -- credit conditions it seems like it's getting better for -- So I think it's getting marginally better for consumers it's still a very difficult process the overreaction of the banks are forcing people to come up with the records -- -- -- about their personal finance that they've never had to do in the past is just it very daunting process has been made much worse.
Prospects are -- 51 those that are walking into.
The the show room if you will looking at comes that's it that they -- -- now bear in -- -- -- positive territory for that.
But why is that not fully translating into sales of new homes like we need to see at this point.
Recovering well I think it points we're right back to credit conditions are so people are out there that demand is there but it's hard for them to get the -- is okay let's talk about the region's that was another kind of interesting trick -- -- to -- hatred and instinct -- -- -- report today.
Was that the west is actually really gaining strength on prospects the west is gaining.
On complements and the north east really dragging down the index what's going on.
I think conditions in the northeast are stagnant and that's why it's it's dragging down the index -- out west.
You're seeing much more growth if you look at our improving markets index a lot of them -- -- -- In the northwest and in the west itself so it it has to do again with the locality and and remember all housing markets are local.
Is the jobs picture in this country holding builders back from really reporting to you ended this survey that they filled cut about the housing market yes it's a chicken and -- -- -- housing creates jobs vote in this.
Recover route we need more jobs before we can create more housing.
We've -- something needs to catch.
And if it does I think you'll see a pick -- and where foreclosures jury in all of this because we still have that shadow inventory of foreclosures that are still sitting on the markets the banks have been flooding the market over the last six months.
At the same time that hurts the home dollars that hurts your got.
Yes in some local markets foreclosures is a big issue but remember 70% of foreclosures are in eleven states that means that there's a whole lot of this country.
Where foreclosures and shadow inventory.
Isn't really a problem.
A lot of -- in the west though Gerri I think that's why I'm still surprise that the west is showing any kind of growth when you've got Arizona California.
You know parts of New Mexico that are still in Nevada.
That are getting hit fairly hard right now.
Again localized places even in those states their markets in California that are absolutely booming right now.
OK stop question under the sea every quarter of arrogant nonsense identity of these homebuilding companies these stocks have been on a -- you have got back office conversations with these guys.
What are they telling you about their company's overall performance how Wall Street is kind of interpreting.
Held they're doing their new kind of mixed today -- -- -- good -- I don't.
Think it's Wall Street it's -- -- I think that the fact is is that the American people are coming back into the housing markets and it doesn't take you know rocket scientist to recognize that.
And realizes it housing is a good investment.
All right while we hope so a lot of anyway if I'm very early on telegraph in the market Jerry Howard thank you very much -- good to have you you on -- --
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