U.S. homebuilder sentiment sank to nearly a record low in January.
A survey released Wednesday by the National Association of Home Builders cited the glut in houses on the block, and tight credit and lending conditions, as stimuli depressing the market.
The index "has held within a narrow two-point range for the past five months, indicating that builder views of housing market conditions essentially haven't changed over that time," David Seiders, chief economist at NAHB, said in a statement.
Nevertheless, several of the biggest builders -- and the firms with the worst outlooks -- saw their shares rise Wednesday.
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