Home Builder Confidence Edges Down in March
Washington, DC, March 18, 2013 -- Homebuilder confidence declined in March to the lowest level since October, according to the National Association of Home Builders/Wells Fargo housing-market index.
The overall builder-confidence index decreased to 44 in March from 46 in February.
"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," said David Crowe, NAHB's chief economist, in a press release.
Analysts expected a reading of 47 in March because of rising home prices and growing employment. The last time the index was above 50 was in 2006. Readings over 50 indicate that more builders see sales conditions as good than poor.