VOL. 123 | NO. 227 | Wednesday, November 19, 2008
Homebuilder Sentiment Index Plunges to Record Low
By ALEX VEIGA | AP Real Estate Writer
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.
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