Home Builder Index Falls Unexpectedly in December

Washington, DC, Dec. 15, 2009--U.S. homebuilders' housing market index fell to 16 in December from 17 in November, the National Association of Home Builders reported Tuesday.

This is the lowest level since June. The drop surprised economists, who had expected the index to rise to 18.

Most analysts had expected the extension of the homebuyer tax credit to cheer builders.