NAHB: Builder confidence stays low
The NAHB-Wells Fargo Housing Market Index
remained at 13, matching the previous month’s low.
Builders of single-family homes remain glum in their outlook for the U.S. market, according to a new survey.
The September National Association of Home Builders-Wells Fargo Housing Market Index remained at 13, matching the previous month’s low. A number above 50 means builders have a positive outlook on the marketplace.
"In general, builders haven't seen any reason for improved optimism in market conditions over the past month," said association Chairman Bob Jones, a home builder from Bloomfield Hills, Mich. "If anything, consumer uncertainty has increased, and builders feel their hands are tied until potential home buyers feel more secure about the job market and economy."
NAHB Chief Economist David Crowe agreed.
"The stall in the nation's housing market continues," Crowe said. "Builders report that the two leading obstacles to new-home sales right now are consumer reluctance in the face of the poor job market and the large number of foreclosed properties for sale. However, we do expect that moderate improvement in the job market will help boost consumer confidence and improve conditions for new-home sales in this year's final quarter."
Builders of single-family homes remain glum in their outlook for the U.S. market, according to a new survey.
The September National Association of Home Builders-Wells Fargo Housing Market Index remained at 13, matching the previous month’s low. A number above 50 means builders have a positive outlook on the marketplace.
"In general, builders haven't seen any reason for improved optimism in market conditions over the past month," said association Chairman Bob Jones, a home builder from Bloomfield Hills, Mich. "If anything, consumer uncertainty has increased, and builders feel their hands are tied until potential home buyers feel more secure about the job market and economy."
NAHB Chief Economist David Crowe agreed.
"The stall in the nation's housing market continues," Crowe said. "Builders report that the two leading obstacles to new-home sales right now are consumer reluctance in the face of the poor job market and the large number of foreclosed properties for sale. However, we do expect that moderate improvement in the job market will help boost consumer confidence and improve conditions for new-home sales in this year's final quarter."
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