Home builder confidence down in December, survey shows

Home builder confidence in the market for newly built, single-family homes decreased one point in December, to the lowest point since June, according to the NAHB/Wells Fargo Housing Market Index released today. “As we anticipated, this is shaping up to be a bumpy recovery period for the housing market,” said David Crowe, chief economist for NAHB. “While some families may be just starting to factor the expanded tax credit into their potential homebuying plans, many are hesitating because of the poor economy. At the same time, tight lending conditions for both consumers and home builders continue to pose considerable obstacles on the road to a sustained housing and economic recovery.” TRD