The National Association of Home Builders/Wells Fargo index of builder confidence stayed at 16 from November to December, an indication that homebuilders continue to perceive weakness in the housing market. "The typical cold-weather slowdown in sales activity is being accentuated by ongoing weakness in the job market, the rising number of foreclosures and short sales, and very challenging credit conditions for both builders and buyers," said Bob Jones, chairman of NAHB.

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