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US homebuilder confidence for new single-family homes remains at a record low this month due to continuing mortgage market problems, a substantial inventory overhang, and the effects of negative media coverage.
According to the latest National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index, builder confidence stayed at a reading of 19 for the second month in a row – the lowest point since records began in January 1985.
NAHB President Brian Catalde said: “Many [builders] are reporting that their special sales incentives are having limited success in terms of getting buyers in the door.”
“While builders continue to work down inventories of unsold homes and reposition themselves for the market’s eventual recovery, they realise it will be some time before market conditions support an upswing in building activity – most likely by the second half of 2008,” he said.
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