REALTOR® Magazine-Daily News-Home Builders Expect Bumpy Recovery

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Daily Real Estate News | December 16, 2009 | Home Builders Expect Bumpy Recovery
U.S. home builder sentiment declined one point to 16 in December.

A reading of 16 is the lowest since June when sentiment fell to 15. The National Association of Home Builders attributed the reduction to concern over job losses and the slow economic recovery.

Index readings below 50 indicate that builders are pessimistic. The last time the index rose above 50 was in April 2006.

"This is shaping up to be a bumpy recovery period for the housing market," says David Crowe, the NAHB's chief economist. "While some families may be just starting to factor the expanded tax credit into their potential home buying plans, many are hesitating because of the poor economy."

Source: Associated Press, Alex Veiga, (12/15/2009)