U.S. home builders have never been as anguished about their industry as they were in early November, with their monthly market index gauge plunging five points to a record low 9, the National Association of Home Builders reported Tuesday.
"We are in a crisis," said Sandy Dunn, chairman of the NAHB, and a builder from Point Pleasant, W.Va. "If there's any hope of turning this economy around, Congress and the administration need to focus on stabilizing housing." See related story on the clash over helping homeowners.
"Worsening problems in the financial markets, job market weakness and overwhelming uncertainty about the economy" were depressing sales, the NAHB said in a release.
Economists surveyed by MarketWatch were expecting the index to be unchanged at 14. See Economic Calendar.
The NAHB/Wells Fargo housing market index shows that fewer than one in 10 builders is optimistic about the market for new single-family homes, with builders particularly discouraged about the pace of sales and the dearth of potential buyers. They are slightly more optimistic that sales could improve over the next six months.
The home builders' index has been falling for nearly three and a half years after peaking at 72 during the height of the housing bubble. The index dates to 1985.
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Wednesday, November 19, 2008
Home builders distraught over economic crisis
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