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Builder confidence rises slightly
WASHINGTON, -- Builder confidence in the U.S. housing market for new, single-family homes rose for the first time in five months, a national trade association said Monday.
The Housing Market Index added three points to 16, the National Association of Home Builders said in a release.
"Builders are starting to see some flickers of interest among potential buyers, and are hopeful that this interest will translate to more sales in the coming months. However, because most builders still have no access to credit for building homes there is a real concern that we will not be able to meet the pent-up demand when consumers are ready to get back in the market," said NAHB Chairman Bob Jones, a homebuilder from Bloomfield Hills, Mich.
NAHB Chief Economist David Crowe said the new-homes market is "finally moving past the lull" that occurred when home-buyer tax credits expired and economic growth stalled during the summer.
"While challenges such as competition from foreclosures, inaccurate appraisal values and general consumer uncertainty about the economy and job market continue to be major factors, builders have seen a slight increase in consumers who are considering a home purchase," he said.
"The toughest obstacles really come down to financing -- the scarcity of construction credit for builders along with tougher mortgage requirements for consumers."
WASHINGTON, -- Builder confidence in the U.S. housing market for new, single-family homes rose for the first time in five months, a national trade association said Monday.
The Housing Market Index added three points to 16, the National Association of Home Builders said in a release.
"Builders are starting to see some flickers of interest among potential buyers, and are hopeful that this interest will translate to more sales in the coming months. However, because most builders still have no access to credit for building homes there is a real concern that we will not be able to meet the pent-up demand when consumers are ready to get back in the market," said NAHB Chairman Bob Jones, a homebuilder from Bloomfield Hills, Mich.
NAHB Chief Economist David Crowe said the new-homes market is "finally moving past the lull" that occurred when home-buyer tax credits expired and economic growth stalled during the summer.
"While challenges such as competition from foreclosures, inaccurate appraisal values and general consumer uncertainty about the economy and job market continue to be major factors, builders have seen a slight increase in consumers who are considering a home purchase," he said.
"The toughest obstacles really come down to financing -- the scarcity of construction credit for builders along with tougher mortgage requirements for consumers."
