The lousy winter weather appears to have discouraged home builders, pushing their confidence index down two points to 15, where it was in January. According to the monthly survey of 477 builders by the National Association of Home Builders, there are fewer buyers, and the prevalence of foreclosures is making it harder to persuade prospects that a new home is the right choice. "The continual flow of distressed properties priced below the cost of production is having an adverse effect on new-home appraisals and also making it tough for builders' customers to sell their existing homes," says NAHB Chair Bob Jones. NAHB Chief Economist David Crowe predicted more sales later in the year in response to pent-up demand. Source: Associated Press, Alex Veiga (03/15/2010)
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