Home Builder Confidence Drops

Posted on June 15 By Francine Huff

U.S. home builders are less confident about the housing market, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Although the government's tax credit for home buyers helped fuel a flurry of activity in the housing market earlier this year, sales have declined since the credit expired in April.

NAHB Chairman Bob Jones, a home builder from Bloomfield Hills, Mich, said:

The home buyer tax credit did its job in stoking spring sales and we expected a temporary pull back in the builders’ outlook after the credit expired at the end of April,” “However, the reduction in consumer activity may have been more dramatic than some builders had anticipated, which resulted in their lower confidence levels.
The HMI fell five points to 17 in June. The index had risen over the past couple months, but is now back to where it was in February. The monthly survey looks at whether or not builders expect sales of current single family homes to be good, fair, or poor over the next six months. It also asks them to rate their expectations for traffic of prospective buyers. An overall score of 50 and up means more builders believe that conditions are good rather than poor.

This entry is filed under Real estate , General information . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response.
National Mortgage Rates National Refinance Rates
Compare Local Rates

1 Responses to "Home Builder Confidence Drops"
  1. carlos 25, Oct, 2009

    Let's keep a good thing going.. Extend the Tax credit...!


Leave a Comment
Get Mortgage Loan Quotes Now
  • Free Quotes
  • No Hidden Fees
  • No Obligations
  • Refinance
  • New Home Loan
  • Home Equity
  • Debt Consolidation
  • FHA Loan Orientation Guide
  • FHA Loan Orientation Guide

    Use our FHA Guide to find answers to all questions related to FHA loan.

    Click here to Download

Compare Mortgage Rates