Homebuilder confidence was stagnant in September from the month before, according to the National Association of Home Builders' Housing Market Index for September.
The NAHB's report indicates a HMI of 14 during the month - a marginal drop from August. For the sixth consecutive month, the index has fallen somewhere between 13 and 16. Any reading above 50 indicates a high confidence level.
NAHB chairman Bob Nielsen stated that since housing market conditions have remained the same since the beginning of the year, builders' perspective on construction prospects for the remainder of 2011 are also the same.
"Builders continue to confront the same challenges in accessing construction credit, obtaining accurate appraisal values for new homes, and competing against foreclosed properties that they have seen for some time," said Nielsen. "Beyond this, both builder and consumer confidence took a hit in recent weeks with the market disruptions caused by the S&P downgrade and congressional gridlock on the budget deficit."
While builder confidence may still be low for the nation, it may rise for the Houston real estate market soon. Sales in the metro area improved 17 percent month-to-month in July, the Houston Association of Realtors reports.
Courtesy of 2M Realty News