U.S. Homebuilder Sentiment Drops Again
U.S. Homebuilder Sentiment Drops Again
U.S homebuilder sentiment fell in April, as home values continued to decline across much of the nation as foreclosed properties continue to apply pressure to prices. The National Association of Homebuilders / Wells Fargo Housing Market index fell from 17 in March to 16, leaving the index in the pessimistic range for a full five years.
A reading above 50 for the index indicates that more builders view conditions as favorable than poor, a level the index has not seen since April 2006. “The spring home buying season is getting off to a slow start due to persistent concerns about home values as more foreclosures seem to be hitting the market, increasingly restrictive lending requirements for home buyers and builders, and the slow pace of economic recovery,” explained NAHB's chief economist David Crowe.
U.S homebuilder sentiment fell in April, as home values continued to decline across much of the nation as foreclosed properties continue to apply pressure to prices. The National Association of Homebuilders / Wells Fargo Housing Market index fell from 17 in March to 16, leaving the index in the pessimistic range for a full five years.
A reading above 50 for the index indicates that more builders view conditions as favorable than poor, a level the index has not seen since April 2006. “The spring home buying season is getting off to a slow start due to persistent concerns about home values as more foreclosures seem to be hitting the market, increasingly restrictive lending requirements for home buyers and builders, and the slow pace of economic recovery,” explained NAHB's chief economist David Crowe.
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