Builder confidence slunk back to January levels this month, according to a report released today by the National Association of Home Builders. The NAHB/Wells Fargo Housing Market Index for March dropped two points to 15, down from 17 in February, the report said. "The lack of available credit for new projects, the large number of distressed properties for sale and the continuing hesitancy of potential buyers due to the weak job market are definitely weighing on builder confidence at this time," said David Crowe, the association's chief economist. "That said, the inventory of new homes on the market is at an extremely low level, and we do expect a 25 percent improvement in new-home construction in 2010 over 2009 to rebuild inventory and meet expected pent-up demand." The impact of poor weather conditions on builders' business was also a factor, the association said. The index gauges builder confidence with three components, the repor...
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