Homebuilder Sentiment Unchanged in May
Homebuilder Sentiment Unchanged in May
The National Association of Homebuilders said on Monday that sentiment among its members was unchanged in May, remaining at low levels as foreclosures and tight lending standards kept potential buyers on the sidelines. The NAHB / Wells Fargo Housing Market index held at 16, the group said, disappointing analysts who took part in a recent Reuters poll, projecting the index to increase to 17.
Readings in the measure below 50 mean that more economists view market conditions as poor than favorable, whereas a reading above 50 would indicate more builders view conditions favorably. The last time the index had a reading over 50 was in April 2006. In addition to continued foreclosures, which bring prices down, and strict lending criteria, conditions are also being weighed down by the recent soaring of gasoline prices, the NAHB said.
“Builder confidence has hardly budged over the past six months as persistent concerns regarding competition from distressed property sales, lack of production credit, inaccurate appraisals, and proposals to reduce government support of housing have continued to cloud the outlook,” said the NAHB's chairman Bob Nielsen in a prepared statement.
The National Association of Homebuilders said on Monday that sentiment among its members was unchanged in May, remaining at low levels as foreclosures and tight lending standards kept potential buyers on the sidelines. The NAHB / Wells Fargo Housing Market index held at 16, the group said, disappointing analysts who took part in a recent Reuters poll, projecting the index to increase to 17.
Readings in the measure below 50 mean that more economists view market conditions as poor than favorable, whereas a reading above 50 would indicate more builders view conditions favorably. The last time the index had a reading over 50 was in April 2006. In addition to continued foreclosures, which bring prices down, and strict lending criteria, conditions are also being weighed down by the recent soaring of gasoline prices, the NAHB said.
“Builder confidence has hardly budged over the past six months as persistent concerns regarding competition from distressed property sales, lack of production credit, inaccurate appraisals, and proposals to reduce government support of housing have continued to cloud the outlook,” said the NAHB's chairman Bob Nielsen in a prepared statement.
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