Survey: Homebuilder confidence wanes
Triangle Business Journal
Homebuilders’ confidence in a quick resolution to the housing crisis is at a new low, according to the National Association of Home Builders/Wells Fargo Housing Market Index.
As the financial crisis worsens, the job market weakens and uncertainty hangs over the economy, builders fear it will take major incentives to bring home buyers back to the table.
“Today’s report shows that we are in a crisis situation,” NAHB Chairman Sandy Dunn said in a statement. “If there’s any hope of turning this economy around, Congress and the administration need to focus on stabilizing housing. Beyond the work that is being done to help reduce foreclosures, Congress must immediately incorporate such incentives for qualified buyers in a new economic-recovery package.”
The housing downturn has resulted in the loss of about 3 million jobs in construction and related industries.
The index gauges builder perceptions of current single-family home sales and sales expectations for the next six months. The survey also asks builders to rate buyer traffic as “high to very high,” “average” or “low to very low.”
Scores for each component are then used to calculate a seasonally adjusted index.
Every U.S. region posted declines in builder confidence in November.
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