Builders still pessimistic in November, trade group survey shows

Home builders’ sentiments about their industry were flat month-over-month in November, according to a survey from the National Association of Home Builders. On a 100-point ratings scale where above 50 indicates a positive outlook, the survey showed builder confidence in current sales at 17, unchanged from October. Sentiments about buyer traffic were also unchanged at 13, and sales expectations rose slightly to 28, from 26 in October. One third of builders blamed low appraisal values for sales declines, whereas only one quarter of those surveyed in July expressed such feelings. The November survey was conducted just days before Congress passed the extension and expansion of the homebuyer tax credit, which is sure to lift spirits in the building industry, CNBC reported.