U.S. home builder confidence remains flat

December 15, 2010 02:07PM

Home builder confidence for newly built single family homes remained unchanged in December from the previous month, according to a report released today by the National Association of Home Builders. “Builders are bracing themselves for a slow holiday season as a number of factors continue to cause uncertainty among consumers and builders alike,” said Bob Jones, chairman of NAHB. Some of those factors are the cold weather, challenging credit conditions and the rising number of foreclosures and short sales, Jones said. However, there is a silver lining. “The good news is that the index and its components remain above recent lows from the early fall,” noted David Crowe, NAHB’s chief economist. “NAHB expects an improving job market this spring will help prospective buyers feel more confident and propel more sales activity in 2011.” However, Crowe added, the housing recovery could be slowed down by the difficulties that builders are having in obtaining construction credit and accurate appraisal values. TRD