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Home builder confidence drops in January

Thursday, January 21, 2010

Builders are still not confident when it comes to the market for new homes.
Builders are still not confident when it comes to the market for new homes.

A recent report shows that those who may use construction equipment on houses are still feeling less confident about the market they operate in.

According to the National Association of Home Builders/Wells Fargo Housing Market Index, confidence among builders about the market for new, single-family homes dropped a point in January to rest at 15 on the scale. A score above 50 on the scale indicates that more builders feel the market is good rather than poor.

The number reported for January represents the lowest level for the index since June 2009. Joe Robson, NAHB chairman, said that home builders are ready to start producing new homes, especially given the tax incentives available to first-time homebuyers.

"Yet builders also realize that factors beyond our control - including consumer concerns about job security and competition from foreclosed homes on the market - are still impeding demand for new homes at this time," Robson said.

The government's tax credit for first-time homebuyers was expanded to last until April 30. Prior to the extension, the credit was set to expire in November 2009.

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