Not that anybody is expecting new home sales to rebound in a significant way anytime soon, but the National Association of Home Builders had little positive news to report today upon release of monthly home builder confidence survey results. The NAHB/Wells Fargo Housing Market Index slid one point to 14. The index has been below 16 for the last 6 months. From the release: "Very little has changed in terms of housing market conditions so far this year," said NAHB Chairman Bob Nielsen, a home builder from Reno, Nevada. "Builders continue to confront the same challenges in accessing construction credit, obtaining accurate appraisal values for new homes, and competing against foreclosed properties that they have seen for some time. Beyond this, both builder and consumer confidence took a hit in recent weeks with the market disruptions caused by the S&P downgrade and congressional gridlock on the budget deficit." "The fact that the HMI continues to hover within such a narrow, low range reflects builders' awareness that many consumers are simply unwilling or unable to move forward with a home purchase in today's uncertain economic climate," added NAHB Chief Economist David Crowe. "While some bright spots are beginning to emerge in about a dozen select metro areas, the broader picture remains fairly bleak due to the weak economy and job market." Read the full release here .
Filed under: recession, recovery, HMI, nahb, real estate, housing bust, home sales, National Association of Home Builders, housing market index, wells fargo, new homes, david crowe, bob nielsen