Thursday, March 28, 2013

Home Builder Confidence Drops

Home builder confidence unexpectedly fell for a second month in March. The National Association of Home Builders/Wells Fargo index of builder confidence dropped 2 points to 44 this month. In a Bloomberg survey, the median forecast called for a gain to 47. Anything below 50 means many of the respondents said the conditions were poor. According to the report by the NAHB, the drop is due a decrease in the measure of current sales.

“In addition to tight credit and below-price appraisals, home building is beginning to suffer growth pains as the infrastructure that supports it tries to re-establish itself,” David Crowe, chief economist at the builders association, said in a statement.

The builders’ index compares with a reading of 28 in March 2012.

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