Matt York, AP
Home builders are becoming less confident in beginning new construction projects, according to the National Association of Home Builders.
Instead of the anticipated one-point raise in the Housing Market Index to 47, builder confidence dropped two points to 44. This makes March the third month the HMI didn’t increase.
January was the first month after eight months straight that the confidence level didn’t improve. Since then it has reduced slowly.
Part of the drop is caused by rising costs for building materials and labor as well as credit availability.
“During the great recession, the industry lost home-building firms, building material production capacity, workers who retreated to other sectors and the pipeline of developed lots,” NAHB chief economist David Crowe said in the press release. “The road to a housing recovery will be a bumpy one until these issues are addressed.”
- The best Black Friday deals of 2014
- 12 ways to get the lowest mortgage refinance...
- Why Salt Lake City is one of the best cities...
- Working on Thanksgiving Day? Here's why most...
- How actress Blake Lively's family saves money...
- Why the ugly sweater business is booming
- Thanksgiving trumps Black Friday for deals
- 5 easy ways to make your money work for you
- In our opinion: Fear, intentions can... 7
- Working on Thanksgiving Day? Here's why... 5
- Gift Guide: 3 ways to watch streaming... 4
- Ford's new F-150 to get 26 mpg, tops... 4
- Thanksgiving trumps Black Friday for deals 3
- Why Salt Lake City is one of the best... 2
- 5 reasons not planning could help you... 1
- How are holiday shoppers spending their... 1