NAHB Housing Index Falls to 15 in March

Builders’ confidence in the market for new single-family homes declined in March, as the National Association of Home Builders’ housing market index — a monthly gauge of builder sentiment — slid to 15 from February’s 17, the group announced yesterday.

Thomson Reuters’ poll of economists predicted a level of 17.

“Unusually poor weather conditions certainly had a negative effect on builders’ business in February,” said NAHB chairman Bob Jones.

 “At the same time, 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,” according to Jones.

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