Industry News

Home builder confidence slips further in September

Index reaches lowest level in 15 years

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The nation's home builders once again showed lower confidence in the single-family home market, reflecting increasing concerns about overall housing conditions, according to the latest poll released Monday. The index measuring builder confidence, published by the National Association of Home Builders and Wells Fargo, declined for the eighth consecutive month to a level of 30 in September. This amounted to a three-point drop from an upwardly revised 33 reading in August, and is the lowest level the index has reached since February of 1991. "Builders are adopting an increasingly cautious attitude in their near-term outlook for new-home sales," said NAHB Chief Economist David Seiders. "They're experiencing falling sales, rising sales cancellations, and increasing inventories of unsold units. And although many builders are offering substantial incentives to bolster sales and limit cancellations, many potential buyers now are waiting on the sidelines to see how the market shakes out before...