Industry News

Home builder confidence sinks

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Uncertainties in the economy and the post-Katrina environment eroded single-family home builders' confidence slightly, but overall confidence is still high, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index, released today. The index dropped two points to 65 in September, its lowest level since July 2003 when it also hit 65. "Many builders appear to be taking on a more cautious attitude because of uncertainties in the economy and this post-Katrina environment, particularly with regard to sales expectations in the near term," said Dave Wilson, NAHB president and a custom home builder from Ketchum, Idaho. The overall HMI declined two points in September to a score of 65. This was the third consecutive month of declines since June's 72 reading. "As expected, the housing market is beginning to show signs of cooling and builders are reacting to that," said NAHB Chief Economist David Seeders. Seeders said that though the HMI survey was taken...