Builders sweating sunset of tax credit

A nationwide survey of homebuilders reveals an increase in sales but reduced expectations for the next six months, reflecting concerns about a potential expiration of the first-time homebuyer tax credit and competition from foreclosures, problems with appraisals, and lack of job creation.

The survey of 269 builders, by John Burns Real Estate Consulting, found sales in 1,855 housing developments in 86 metropolitan statistical areas increased to two per month, up from 1.4 in last month's survey. Falling cancellation rates were a factor, with most respondents (61 percent) reporting cancellations at between 1 percent and 15 percent.

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