Homebuilder Outlook Plunges, Reversing Spring Rebound |
| CNBC.com - Apr 16, 2012 |
In a stark reversal during the heart of the spring housing market, confidence among the nation’s homebuilders dropped in April to levels not seen since January.
An association index measuring sentiment fell three points, changing course after seven straight months of gains.
It now stands at twenty-five; fifty is the line between positive and negative sentiment.
“What we’re seeing is essentially a pause in what had been a fairly rapid build-up in builder confidence that started last September,” said National Association of Home Builders Chief Economist David Crowe in a release.
“This is partly because interest expressed by buyers in the past few months has yet to translate into expected sales activity, but is also reflective of the ongoing challenges that are slowing the housing recovery—particularly tight credit conditions for builders and buyers, competition from foreclosures and problems with obtaining accurate appraisals,” the release goes on to say.
Read Full Article from CNBC.com
- Posted: 2012-04-16 10:59:13
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