Builder Confidence Sinks in June

Washington, D.C.–U.S. homebuilder confidence dropped in June, indicating that the housing decline may get worse, according to Bloomberg.The National Association of Home Builders/Wells Fargo sentiment index dropped from 19 in May to 18 this month. A reading below 50 indicates the majority of respondents feel conditions are less than favorable.The index first hit 18 in December.Buyer traffic also fell, declining from 18 in May to 17 in June, the Washington, D.C.-based NAHB said. The index–first published in January 1985–averaged 27 in 2007.