Cost of insurance contributes to weak home-building industry

Higher interest rates, a slowing economy and the crisis in property-insurance affordability will keep home building slow for the rest of the year, housing economists say. David Seiders, chief economist for the National Association of Home Builders, and David Berson, chief economist for the Federal National Mortgage Association, predict the industry could rebound in 2008. Cancellations of new-home sales contracts have climbed, and builder confidence has fallen, Seiders says.

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