U.S. Home Builders' Confidence Falls for Third-Straight Month
Source: Dow Jones
04/15/2013| 10:35am US/Eastern
WASHINGTON--U.S. home builders' confidence fell for the third-straight month in April, as builders cited concerns about their ability to get construction loans and higher costs for building materials.
The National Association of Home Builders said Monday its housing-market index was 42 in April, down two points from the previous month and the lowest since October, when the index was at 41.
The results were below expectations. Economists surveyed by Dow Jones Newswires had forecast the index would rise one point to 45. March's reading of 44 was unrevised.
"Many builders are expressing frustration over being unable to respond to the rising demand for new homes due to difficulties in obtaining construction credit, overly restrictive mortgage lending rules and construction costs that are increasing at a faster pace than appraised values," said Rick Judson, the group's chairman and a home builder from Charlotte, N.C.
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