The Housing Market Index (HMI) survey of homebuilders conducted by NAHB indicated a slight improvement in homebuilder sentiment in June compared to May. The index continues to rebound from historic lows recorded through much of the last six years. NAHB Chief Economist David Crowe said “While the June HMI is in keeping with our forecast for gradually improving single-family home sales this year, recent economic reports that have shown some weakening in the pace of recovery likely factored into the marginal gain. In addition, builders across the country continue to report that overly tight lending conditions and inaccurate appraisals are major obstacles to completing sales at this time.”