GO
Loading...

Homebuilders' Confidence Falls to Record Low of 14

The National Association of Home Builders says its housing market index hit a record low this month as the U.S. financial crisis shook builders' confidence in the prospect for improved sales of new homes.

The Washington-based trade association said Thursday the index tumbled by three points to 14 in October. The index stood at 17 last month, a one-point increase from August.

Index readings higher than 50 indicate positive sentiment about the market.

The report reflects a survey of 446 of residential developers nationwide, tracking builders' perceptions of market conditions.

Builders' gauge of foot traffic by prospective buyers fell two points to 12, while sales expectations over the next six months plunged nine points to 19.

_____________________________________
Calculators and Advice from Bankrate.com:

  • Compare Mortgage Rates Nationwide
  • Struggling to Save Your Home? Get Help Here

_____________________________________

Contact Real Estate

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.
  • Diana Olick

    Diana Olick serves as CNBC's real estate correspondent as well as the editor of the Realty Check section on CNBC.com.

Home prices and supply map

  • Track the latest moves in sales, prices and inventory in some of the largest housing markets across the country.

Latest Special Reports

  • Trading Nation

    Trader Nation is not simply about finding that next trade -- it is a place where traders trade better together.

  • Inside the market's biggest sectors with a look at the trends, companies and trades netting profits for investors.

  • CNBC 'Explains' the complicated economics of our world—from stocks and balance sheets, to trade and public policy.