US Homebuilder Sentiment Unchanged in January
US Homebuilder Sentiment Unchanged in
January
The National Association of Homebuilders and Wells Fargo released their builder sentiment index Tuesday, indicating no movement in the measure, which insiders say is due to a lack of credit which is threatening to hamper construction this year. The index reading was 16, unchanged from November and December and coming in under expectations of economists in a recent Bloomberg News survey. Any reading below 50 on the index means that more respondents consider conditions poor than favorable.
Builders nationwide are cutting costs as continued high unemployment holds demand in check and mounting foreclosures expand unsold inventories nationwide. Most economists expect sales to recover somewhat this year as prices and mortgage rates remain low.
The National Association of Homebuilders and Wells Fargo released their builder sentiment index Tuesday, indicating no movement in the measure, which insiders say is due to a lack of credit which is threatening to hamper construction this year. The index reading was 16, unchanged from November and December and coming in under expectations of economists in a recent Bloomberg News survey. Any reading below 50 on the index means that more respondents consider conditions poor than favorable.
Builders nationwide are cutting costs as continued high unemployment holds demand in check and mounting foreclosures expand unsold inventories nationwide. Most economists expect sales to recover somewhat this year as prices and mortgage rates remain low.
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