Builder confidence slipped back to January levels during April, falling for the first time in seven months, according to the National Association of Home Builders/Wells Fargo Housing Market Index. "This is partly because interest expressed by buyers in the past few months has yet to translate into expected sales activity, but is also reflective of the ongoing challenges that are slowing the housing recovery, particularly tight credit conditions for builders and buyers, competition from foreclosures and problems with obtaining accurate appraisals," said David Crowe, NAHB's chief economist.

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