WASHINGTON – According to the latest Housing Market Index (HMI) from the National Association of Home Builders/Wells Fargo Housing, builder confidence in the market for single-family homes remained unchanged for a third consecutive month in December. Reportedly, this is due to continued problems in the mortgage market and excess inventory issues.
“Builders continue to look for signs of improvement in the ongoing mortgage market crisis that is weighing on housing and the overall economy,” said NAHB President Brian Catalde, a homebuilder from El Segundo, CA. “Recent actions taken by Congress and the Administration addressing certain aspects of the problem are definitely a step in the right direction.”
“Today’s report shows that builders’ views of housing market conditions haven’t changed in the past several months, and there clearly are signs of stabilization in the HMI,” said David Seiders, NAHB chief economist. “At this point, many builders are bracing themselves for the winter months when home buying traditionally slows, scaling down their inventories and repositioning themselves for the time when market conditions can support an upswing in building activity – most likely by the second half of 2008.”
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