US homebuilder confidence flat in August

| August 15, 2011 | 0 Comments
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US homebuilder confidence remained unchanged in August, according to the National Association of Home Builders (NAHB)/Wells Fargo sentiment index.

The index showed a reading of 15 in August, unchanged from July’s reading, suggesting the US housing market remains subdued.

However, the reading was in line with forecasts.

The index, which first commenced more than 25 years ago, hit an all-time low of 8 in January 2009 and averaged 54 in the five years prior to the recession in December 2007.

Readings over 50 are regarded as “good”, according to the Washington-based group, and the index hasn’t been at this level since April 2006.

Commenting on today’s figures, NAHB Chief Economist David Crowe said in a statement: “The uncertain economic climate and concerns about job security are discouraging many potential buyers from exploring a home purchase at this time.”

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