WASHINGTON — Builder confidence in the single-family home market was further shaken in October due to continuing problems in the mortgage market, substantial inventories of unsold units and the perceived effect that negative media coverage is having on potential home buyers, according to the latest National Association. of Home Builders/Wells Fargo Housing Market Index.
Despite reaching the lowest level (18) since the index began in Jan. 1985, the report indicates builders are positive about future sales expectations. According to the survey, sales are expected to stay steady for the next six months before showing significant improvement during the second half of 2008. Read more.
Have something to say? Share your thoughts with us in the comments below.