Nov 19 (Reuters) - U.S. homebuilder sentiment rose for a seventh consecutive month in November and hit its highest level in over six years as demand for new homes increased due to a shrinking supply of distressed and foreclosed inventory, the National Association of Home Builders said on Monday.
"Builders are reporting increasing demand for new homes as inventories of foreclosed and distressed properties begin to shrink in markets across the country," said NAHB Chairman Barry Rutenberg in a statement.
"In view of the tightening supply and other improving conditions, many potential buyers who were on the fence are now motivated to move forward with a purchase in order to take advantage of today's favorable prices and interest rates," he said.
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