WASHINGTON -- Builder confidence for new, single-family homes remained unchanged at 16 for a fourth consecutive month in February, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).

Slight upticks were experience in the Northeast, plus 2 points to 22 and the South plus 1 point to 18. The Midwest declined 1 point to 12 and the West fell 2 points to 13.

"While builders are starting to see more interest among potential home buyers, we are also dealing with a multitude of challenges, including competition from foreclosure properties and inaccurate appraisals of new homes, which are limiting our ability to sell," said NAHB Chairman Bob Nielsen, a home builder from Reno, Nev. "On top of that, an extremely tight lending environment continues to make it almost impossible to obtain credit for viable new and existing projects, and most do not see that situation improving anytime soon."

Read the National Association of Home Builders' press release.

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