This morning CNBC announced that "Home Builder Confidence rises for first time in months". The HMI (Housing Market Index) rose to 16 for October 2010. However, they failed to mention in the broadcast that any reading under 50 is indicative of a negative market.

Considering the high volume of existing homes inventory and the rising crisis of foreclosure mishaps (waiting to be sorted out), it is unlikely that we will see much improvement in the residential real estate market by year-end 2010.