NAHB Survey Indicates New Home Building is Flat

The National Association of Home Builders(NAHB)/Wells Fargo Housing Market Index (HMI) released a report saying builder confidence slipped in April one point to 16.  Now in its 20h year, the HMI comes from builders’ projections for the next six months based on inquiries and traffic.  A score over 50 indicates more builders view selling conditions as good rather than poor.  Currently the sales are in the modest range, most often first-time buyers who get the tax credit.  Said NAHB Chairman Bob Nielsen, “Builders are competing against a large number of foreclosed and distressed properties on the market, which are holding down prices and appraisals and making it tough for potential clients to sell their existing homes.”  The South, the largest regional housing market in the survey, dropped four points to fifteen, the Northeast and Midwest each gained two points and the West remained unchanged at 17 points.

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