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Construction equipment users remain doubtful about market for new homes

Wednesday, September 22, 2010

Builders are not confident in the market for new single-family homes.
Builders are not confident in the market for new single-family homes.

Confidence among construction equipment users when it comes to consumer demand for newly built homes stayed even in September, according to a recent report.

The National Association of Home Builders/Wells Fargo Housing Market Index remained at 13 for the month. That figure was considered rather weak as builders continue to face a market full of consumer reluctance.

Unemployment is playing a major factor in consumers not wanting to purchase a new home. Furthermore, an influx of foreclosed properties is putting a dent in the market, according to NAHB chief economist David Crowe.

"However, we do expect that moderate improvement in the job market will help boost consumer confidence and improve conditions for new-home sales in this year's final quarter," Crowe said.

Both unemployment and foreclosure filings increased in August, according to government numbers and a report from RealtyTrac. The former went up from 9.5 to 9.6 percent, while troubled properties rose 4 percent in the month.

September will finally see the completion of the government's tax credit for first-time and repeat buyers. Consumers have until the end of the month to complete the purchasing process.

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