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Homebuilder Sentiment Rises

U.S. homebuilder sentiment edged up in April but remained mostly dour on lingering concerns about stiff credit conditions for buyers and tight supply of building lots and labor, the National Association of Home Builders said on Tuesday.The NAHB/Wells Fargo Housing Market index rose to 47 in April from a downwardly revised 46 in March, the group said in a statement. Economists polled by Reuters had predicted the index would rebound to 50 in April.Readings below 50 mean more builders view market conditions as poor than favorable. The April reading was the index's third in a row to come in below 50."Builder confidence has been in a holding pattern the past three months," said NAHB Chairman Kevin Kelly, a builder and developer from Wilmington, Delaware. "Looking ahead, as the spring home buying season gets into full swing and demand increases, builders are expecting sales prospects to improve in the months ahead.""Headwinds that are holding up a more robust recovery include ongoing tight c...

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