U.S. home builders still bearish on market

Home builder confidence remained unchanged in January, for the third consecutive month, according to the National Association of Home Builders’ housing market index report, released today. The index, which measures how home builders feel toward market and industry conditions, showed a ranking of 16. This level is largely unchanged from the same month a year ago, when the NAHB reported the index reached 15. Any score below 50 indicates a negative attitude toward industry performance, according to the NAHB. The report, which polls single-family home builders across the country, reflects an overall instability in the construction industry, according to David Crowe, chief economist with the NAHB. “At this point, housing remains on the sidelines of a weak economic recovery as consumers and builders wait for clear and consistent indications that jobs and economic output are reviving,” Crowe said. TRD