Home builder confidence hits 15-month low

Home builders have turned more pessimistic about their industry.

The Washington, D.C.-based National Association of Home Builders' monthly Housing Market Index, which measures confidence among its members, fell to a 15-month low this month. The Index stood at 14 in July, down from 16 in June. Any reading below 50 indicates builders think market conditions are poor.

"We continue to see a lull in home buying activity following the expiration of the federal home buyer tax credit program, as many of the sales that would have occurred this summer were likely pulled forward to meet that program's deadline," said NAHB Chairman Bob Jones. "In addition, builders are reporting continuing consumer hesitancy regarding home purchases due to uncertainty in the overall economy and job markets."

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- Posted: 2010-07-19 13:01:58

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