Home Builder Confidence Slides — New York Real Estate

Home Builder Confidence Slides

by Raja Tayeb on June 17, 2010

home builders

Home builder confidence fell as the market retracted after the government tax credits expired.

The National Association of Home Builders said Tuesday that its market index slid to 17 in June, down five points to the lowest level since March. Any number below 50 is considered negative.

Even though the post-tax credit slowdown came as no surprise, many analysts saw it as an omen of more bad news to come. This is “a wake-up call to the fact that the market will struggle to stand on its own two feet without the tax credit,” wrote Paul Dales, an economist with Capital Economics. “The double-dip in both activity and prices that we have been expecting for some time appears to have begun.”

Source: The Associated Press, Alan Zibel (06/15/2010)

Posted via web from New York Real Estate Access…A Real Estate Blog

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