optimusprime_IHB
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Survey for Homebuilders just hit its lowest since 1991!!!!
Came in at 20....
U.S. Homebuilder Confidence Matched Record Low in September
<p>By Bob Willis</p>
<p> Sept. 18 (Bloomberg) -- Confidence among U.S. homebuilders tied a record low in September as more lending restrictions and higher borrowing costs concerned buyers, a private report showed. </p>
<p> The National Association of Home Builders/Wells Fargo index of builder confidence dropped to 20, matching the January 1991 reading as the weakest ever, the Washington-based association said today. Levels lower than 50 mean most respondents view conditions as poor. </p>
<p> The two-year housing slump is likely to deepen as less available credit causes sales to fall and inventories to rise. The Federal Reserve today is forecast to cut its benchmark rate for the first time since 2003 to try to stave off a slump in growth as the housing recession lingers. </p>
<p> ``Home buyers are getting spooked by the many headlines they are seeing of mortgage-market issues and their continuing effects on the housing market and home prices,'' Brian Catalde, president of the group, said in a statement. ``Indications are that consumers are trying to time the bottom of the market before making their purchase.'' </p>
<p> The confidence index was forecast to drop to 20 this month, according to the median estimate of 41 economists surveyed by Bloomberg News. Projections ranged from 17 to 22. </p>
<p> When the index was last at this level in January 1991, the housing market and the economy were both in recession. The homebuilders' group started tracking sentiment in 1985.</p>
more....
<a href="http://www.bloomberg.com/apps/news?pid=20601087&sid=aNyAgE_qGF7g&refer=home">http://www.bloomberg.com/apps/news?pid=20601087&sid=aNyAgE_qGF7g&refer=home</a>
Came in at 20....
U.S. Homebuilder Confidence Matched Record Low in September
<p>By Bob Willis</p>
<p> Sept. 18 (Bloomberg) -- Confidence among U.S. homebuilders tied a record low in September as more lending restrictions and higher borrowing costs concerned buyers, a private report showed. </p>
<p> The National Association of Home Builders/Wells Fargo index of builder confidence dropped to 20, matching the January 1991 reading as the weakest ever, the Washington-based association said today. Levels lower than 50 mean most respondents view conditions as poor. </p>
<p> The two-year housing slump is likely to deepen as less available credit causes sales to fall and inventories to rise. The Federal Reserve today is forecast to cut its benchmark rate for the first time since 2003 to try to stave off a slump in growth as the housing recession lingers. </p>
<p> ``Home buyers are getting spooked by the many headlines they are seeing of mortgage-market issues and their continuing effects on the housing market and home prices,'' Brian Catalde, president of the group, said in a statement. ``Indications are that consumers are trying to time the bottom of the market before making their purchase.'' </p>
<p> The confidence index was forecast to drop to 20 this month, according to the median estimate of 41 economists surveyed by Bloomberg News. Projections ranged from 17 to 22. </p>
<p> When the index was last at this level in January 1991, the housing market and the economy were both in recession. The homebuilders' group started tracking sentiment in 1985.</p>
more....
<a href="http://www.bloomberg.com/apps/news?pid=20601087&sid=aNyAgE_qGF7g&refer=home">http://www.bloomberg.com/apps/news?pid=20601087&sid=aNyAgE_qGF7g&refer=home</a>
