Home Builder Sentiment Unchanged in November

Washington, DC, Nov. 17, 2009--Home builder sentiment for single-family homes was unchanged in November, according to a survey taken before the government extended a popular tax credit for first-time buyers.

The National Association of Home Builders/Wells Fargo Housing Market Index held at 17 for November, below market expectations for a reading of 19. October's index was previously reported at 18.

A reading above 50 indicates that more builders view sales conditions as good than poor.

The survey, released on Tuesday, was conducted before the government extended and expanded the popular $8,000 tax credit for first-time home buyers, which has been widely credited with pulling the housing market from a three-year slump.

"Now that Congress has done its job by both extending the tax credit into next year and expanding eligibility for it among potential buyers, we are very hopeful that this will have the intended stimulative effect on sales activity going forward," said NAHB Chairman Joe Robson.