US Homebuyers Confidence Rises

Confidence among U.S. Homebuyers rose in May, potentially signalling that the worst of the economic downturn was probably over as the country gradually reopens after lockdowns to slow the spread of the novel coronavirus. The National Association of Home Builders/Wells Fargo Housing Market Index rose seven points to 37 this month after a record plunge in April. The closure of nonessential businesses in mid-March to limit the spread of COVID-19, the respiratory illness caused by the virus, led to record job losses in April and a collapse in manufacturing output and retail sales. Other indicators have also hinted at a rebound in housing activity, with mortgage applications rising in recent weeks.