Homebuilder confidence drops to lowest level in 9 months

06/15/2011 | Bloomberg

The confidence index as compiled by the National Association of Home Builders/Wells Fargo fell from 16 in April to 13 in May, marking the largest decline in a year. The weak expectation on sales came as unemployment remains high and foreclosed properties continue to dominate the market. "Builder confidence has waned even further as economic growth has stalled, foreclosures have continued to hit the market and the cost of building a home has risen," said NAHB chief economist David Crowe. "Economic growth must pick up in order for housing to gain the momentum it needs to get back on track."

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