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VOL. 123 | NO. 227 | Wednesday, November 19, 2008

Homebuilder Sentiment Index Plunges to Record Low

By ALEX VEIGA | AP Real Estate Writer

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LOS ANGELES (AP) - The National Association of Home Builders says its housing market index plunged to another record low this month as the U.S. financial crisis, rising unemployment and swelling uncertainty over the economy shook builders' confidence about the prospect for a housing recovery.

The Washington-based trade association said Tuesday the index tumbled by five points to nine in November. The index stood at 14 last month after slipping three points from September.

Index readings lower than 50 indicate negative sentiment about the market.

The report reflects a survey of 422 residential developers nationwide, tracking builders' perceptions of market conditions.

Builders' expectations for sales over the next six months remained at 19.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 81 217 5,290
MORTGAGES 94 276 6,985
FORECLOSURE NOTICES 22 72 1,628
BUILDING PERMITS 384 712 12,691
BANKRUPTCIES 66 241 5,541
BUSINESS LICENSES 27 85 2,146
UTILITY CONNECTIONS 52 234 7,292
MARRIAGE LICENSES 10 53 1,511

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