Homebuilder Blues: NAHB/Wells Fargo Home Builder Ratings November 2011

Today, the National Association of Home Builders (NAHB) released their latest Housing Market Index (HMI) showing that all measures increased in November with the composite HMI index climbing to 20 while the "buyer traffic" index remained near record lows as home builders continue to plod through the weakest activity seen in generations.

While all indicators made notable increases in November, it's important to note that conditions still remain at epically distressed levels.

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