Builder confidence down in third quarter

The National Association of Home Builders reported that builder confidence in the third quarter for the 55+ housing market for single-family homes is down to 12, three points lower than the same quarter in 2010.

"The market remains weak given the many uncertainties people face in this economy," said NAHB Chairman Bob Nielsen. "While potential buyers exist, they are hesitant to commit to buying a new home as they are concerned about selling their existing home at a fair price, due to low appraisals, an abundance of foreclosures and tighter mortgage lending criteria."

Recognizing the diminishing consumer confidence in the housing market, real estate agents have gathered at an annual industry expo to discuss the obstacles facing realtors and homebuyers in the current economy.

President Ron Phipps said it is important to keep the housing market at the top of the nation's public policy agenda, as it affects all Americans.

"Mortgage availability remains a real concern since the private market has yet to return," said Phipps. "While the housing market is still in recovery, we firmly believe that lower loan limits will only further restrict liquidity in mortgage markets."

More News