Builder confidence in the housing market for newly built, single-family homes dipped slightly to 14 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for September. The index has now held stable between 13 and 16 for six consecutive months.

"Very little has changed in terms of housing market conditions so far this year," said NAHB Chairman Bob Nielsen, a home builder from Reno, Nevada. "Builders continue to confront the same challenges in accessing construction credit, obtaining accurate appraisal values for new homes, and competing against foreclosed properties that they have seen for some time. Beyond this, both builder and consumer confidence took a hit in recent weeks with the market disruptions caused by the S&P downgrade and congressional gridlock on the budget deficit."