Builders still down in the dumps
December 18th, 2007, 10:01 am · Post a Comment · posted by mistywilliams
Builder confidence in the housing market last month remained at its lowest point in more than 20 years.
The national Housing Market Index, which measures builder perceptions, remained unchanged in December for the third month in a row as builders continued to worry about mortgage market problems and an excess supply of homes, the National Association of Home Builders reported.
“At this point, many builders are bracing themselves for the winter months when home buying traditionally slows, scaling down their inventories and repositioning themselves for the time when market conditions can support an upswing in building activity — most likely by the second half of 2008,” association chief economist David Seiders said in a statement.
The NAHB/Wells Fargo Housing Market Index began in January 1985 and gauges builder perceptions of current single-family home sales, sales expectations for the next six months and prospective buyer interest.
