Source: Rutland Herald, July 20

By Alan Zibel

“WASHINGTON — Homebuilders’ confidence in the housing market has sunk to the lowest level in more than a year, fresh evidence that the economic recovery is slowing.

The National Association of Home Builders said Monday its seasonally adjusted housing market index fell to 14 in July. It was the lowest level since March 2009. June’s index level was revised downward to 16.

Readings below 50 indicate negative sentiment about the market. The last time the index was above 50 was in April 2006.

Builders are reporting a sharp drop in the number of buyers looking for new homes now that federal tax credits of up to $8,000 have expired.

But Mike Larson, real estate and interest rate analyst at Weiss Research, said what’s really weighing on the housing industry is a dismal labor market that has slowed the broader recovery…”

Full story: Homebuilders less confident in housing market

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