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Homebuilders' confidence in sales remains low

Tuesday, November 17, 2009

Confidence in home sales is still down among homebuilders.
Confidence in home sales is still down among homebuilders.

Those who use construction equipment continue to not feel as confident about the housing market, a new survey from the National Association of Home Builders shows.

For November, the NAHB/Wells Fargo Housing Market Index stayed at 17, which was the same rate seen in October. That mark is a rather low number, considering the fact that a score above 50 indicates that more builders feel sales are in "good" rather than "poor" condition.

When considering the level showing of the survey from October to November, people should keep in mind that the survey was taken prior to the government extending the $8,000 first-time homebuyer tax credit. The credit was originally set to expire in November, but was moved back to April.

The government also expanded the credit to include people who are buying a new primary residence. Such buyers may get $6,500 as long as they have owned their current home for at least five years.

"Now that Congress has done its job by both extending the tax credit into next year and expanding eligibility for it among potential buyers, we are very hopeful that this will have the intended stimulative effect on sales activity going forward," Joe Robson, chairman of the NAHB, said.
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