WASHINGTON – Homebuilders are feeling increasingly pessimistic about their industry, more evidence that the economic recovery is slowing.
The National Association of Home Builders said Monday that its monthly reading of builders' sentiment about the housing market sank to 14 — the lowest level since March 2009. Readings below 50 indicate negative sentiment about the market.
The weak job market and an increasing number of foreclosed properties have prompted builders to limit construction of new homes. A modest revival in sales over the past year ended in May after federal tax credits expired at the end of April.
Conditions are not likely to improve soon. Reports this week on new home construction and previously owned home sales in June are expected to show the housing market remains deeply hobbled.
More depressing news. Opinions or thoughts?
Answer by MunchMunch at 10:30 PM on Jul. 19, 2010
Answer by pinkdragon36 at 10:27 PM on Jul. 19, 2010
Answer by MDT09 at 10:58 PM on Jul. 19, 2010
Answer by stacymomof2 at 10:42 PM on Jul. 19, 2010
Answer by stacymomof2 at 10:45 PM on Jul. 19, 2010
Answer by WoodWitch at 10:34 AM on Jul. 20, 2010
I really feel we are in for a long haul as far as the economy is concerned. The middle class may never be the same. I don't think we will see true signs of recovery for another 10 to 15 years. People don't have jobs, and what jobs there are have a starting wage for sometimes half of what it used to be. We need to pay down our national debt now, or we are going to be in serious trouble. People aren't building new houses because there is such a backlog of already built houses selling for much less then their appraised values.
Answer by RyansMom001 at 2:41 PM on Jul. 20, 2010
Answer by tasches at 6:02 PM on Jul. 20, 2010
Answer by gertie41 at 11:25 AM on Jul. 20, 2010