“Very little has changed in terms of housing market conditions so far thisrnyear,” said NAHB Chairman Bob Nielsen. “Builders continue to confront the samernchallenges in accessing construction credit, obtaining accurate appraisalrnvalues for new homes, and competing against foreclosed properties that theyrnhave seen for some time. Beyond this, both builder and consumer confidence tookrna hit in recent weeks with the market disruptions caused by the S&Prndowngrade and congressional gridlock on the budget deficit.” </p

“The fact that the HMI continues to hover within such a narrow, low rangernreflects builders’ awareness that many consumers are simply unwilling or unablernto move forward with a home purchase in today’s uncertain economic climate,”rnadded NAHB Chief Economist David Crowe.  “While some bright spots arernbeginning to emerge in about a dozen select metro areas, the broader picturernremains fairly bleak due to the weak economy and job market.”</p

Regional results echoed the national attitude; only in the Midwest, wherernthe index rose one point to 11, showed positive movement.  The Northeast and South each declined twornpoints to 15 and the West lost three points to score 12.  

All Content Copyright © 2003 – 2009 Brown House Media, Inc. All Rights Reserved.nReproduction in any form without permission of MortgageNewsDaily.com is prohibited.