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NAHB/Wells Fargo index showed builder confidence drops again in August

Tuesday, August 17, 2010

Home builders were not as confident in the market for single-family homes.
Home builders were not as confident in the market for single-family homes.

Construction equipment users faced another month of diminishing confidence in August, according to a recent report.

The National Association for Home Builders/Wells Fargo Housing Market Index dropped a point to 13 in August, with a level over 50 indicating more people are feeling confident than not.

As a result, builder confidence in the market for new single-family homes is at its lowest mark since March of last year.

Bob Jones, NAHB chairman, said that builders are seeing the same economic difficulties that consumers are, including that jobs and the economy aren't getting any footing.

"Meanwhile, many continue to report that problems with inaccurate appraisals, competition from the large number of distressed properties on the market, and tight consumer lending conditions are causing them to lose potential sales," Jones said.

Recently, RealtyTrac noted that the number of foreclosure filings in the country climbed 4 percent in July when compared to the month before. As a result, builders may continue to feel less confident in the new-home market in the coming months.

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