Monday, April 16, 2012
Homebuilders' outlook fell in April after six months of steady or rising confidence, indicating the housing market is still weak.
The National Association of Home Builders/Wells Fargo said Monday that its builder sentiment index fell this month to 25 from 28. Last month's reading was the highest since June 2007. The index rose for five straight months between September and February.
Builders expressed weaker confidence in sales over the next six months. A separate gauge measuring that outlook rose for six straight months before falling this month, from 35 to 32.
The housing industry has a long way to go in its slow recovery. Any reading below 50 indicates negative sentiment about the housing market. The index hasn't reached hit that level since April 2006, the peak of the housing boom.
Read more at OregonLive.com.