Builders’ confidence sinks to new low
Homebuilders | (0)
From CNN:
Homebuilders' confidence in the housing market again plunged to a record low, dragged down by poor financial market conditions, rising unemployment and consumer anxiety, a trade group said Tuesday.
The National Association of Home Builders (NAHB)/Wells Fargo housing market index for November fell to a seasonally adjusted reading of 9, the lowest recorded level since the index began in 1985. Economists surveyed by Thomson/IFR expected the index to remain at 14, the previous record low set in October.
A reading below 50 indicates that builders who think home-sales conditions are poor outnumber those who think the environment is positive for sales. ...
