admin @ Wed, 2008-11-19 08:40
LOS ANGELES (AP) - An industry trade group says homebuilder sentiment has gone from bad to worse. That news comes ahead of today's Commerce Department report on October housing starts.
The National Association of Home Builders says its monthly index has dropped to a new all-time low this month. It reflects increased worries about the financial crisis, surging unemployment and low consumer confidence.
The index fell five points to nine this month. Index readings higher than 50 indicate positive sentiment about the market. It has drifted below 50 since May 2006 and below 20 since April.
Along with lobbying Congress to take steps to reduce foreclosures, the industry has been asking lawmakers to approve new incentives aimed at drawing prospective homebuyers back into the market.
This is cache, read story here