U.S. Homebuilder Sentiment Hits Second Lowest Level on Record
- May 16, 2008
Washington, D.C.–U.S. homebuilder confidence registered at just one point above its lowest-ever level in May, according to the National Association of Home Builders.The NAHB’s housing market index was 19 in May–after registering at 20 from February through April, the San Jose Mercury News said Friday.The May reading was the second lowest on record for the index, which dates back to 1985. The low record–18–was set last December.Derived from about 400 residential developers, the index measures builders’ take on current buyer interest and home sale expectations in the next six months. Readings over 50 show that builders feel positively about the market. The index hasn’t risen above 20 since last September.