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Builder Caution Reflects Fragile Housing Market In June
Indicating that single-family home builders remain cautious and concerned about the fragile state of today’s economy and housing market, the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) declined one point to 15 in June.
The outlook for home sales has improved somewhat in recent months, due largely to implementation of the first-time home buyer tax credit and gains in housing affordability. However, looking forward, home builders are facing a few headwinds, including expiration of the tax credit at the end of November; a recent upturn in interest rates; and especially the continuing lack of credit for housing production loans.
Posted: June 15, 2009 Monday 01:00 PM