Homebuilders Not Confident About Current Market Conditions

Washington, D.C.–U.S. homebuilder confidence remained at a record low in April due to declining home values and tighter lending, according to the National Association of Home Builders/Wells Fargo index of builder sentiment.The index remained at 20, Bloomberg said. In December, it plummeted to a new low of 18. A reading below 50 indicates the majority of respondents feel conditions are weak.The Washington, D.C.-based NAHB’s buyer traffic index, which gages the amount of prospective buyers checking out properties, also remained the same–at 19–for the third month in a row.As sales drop for a third year and the supply of unsold homes rises to a near-record amount, builders are hesitant to take on new projects.