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Finally, some good news for the housing market

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(Read caption) This chart shows the annual change in the Housing Market Index (HMI) over the past two decades. All measures that make up the HMI increased in January 2012.

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Today, the National Association of Home Builders (NAHB) released their latest Housing Market Index (HMI) showing that all measures increased in January with the composite HMI index climbing to 25, the highest level seen since mid-2007, while the "buyer traffic" index climbed to 21.

While all indicators made notable increases in January, it's important to note that conditions still remain distressed by historic standards.

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The new home market will likely not resume any significant form of healthy function until the considerable overhang of inventory is cleared.