Home Builder Confidence Slips

Home builder confidence fell to 13 in August, the third straight month that builders have felt that conditions were declining — and the worst measurement since March 2009.

“Buyers just aren’t stepping up to the plate,” writes Mike Larson, real estate analyst with Weiss Research. “Unless and until the job market improves, we are simply not going to get any traction in the housing market.”

Sentiments lower than 50 indicate negativity. The last time the index climbed above 50 was in April 2006.

Source: Associated Press, Alan Zibel (08/16/2010)