After a summer of significant monthly jumps in confidence among the nation's home builders, fall appears to be bringing in a chill.
Builder sentiment edged up just one point in October, according to an industry association index, but credit issues still plaguing the market appear to be holding sentiment from making the final move from negative to positive.
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"The slight gain in builder confidence this month is an indication that, while still moving forward, the speed at which the housing recovery is proceeding is being moderated by the various constraints such as tight credit, difficult appraisals and more recently, the limited inventory of buildable lots in certain markets, " explained National Association of Home Builders' chief economist David Crowe. "These are the complicating factors that make it difficult for builder confidence to reach and surpass the 50-point mark, at which an equal number of builders view sales conditions as good versus poor."