Confidence among U.S. homebuilders unexpectedly fell for a second month in March, a sign the residential real estate market will take time to strengthen.
The National Association of Home Builders/Wells Fargo index of builder confidence dropped by 2 points to 44 this month, due to a decrease in the measure of current sales, a report from the Washington-based group showed Monday. Readings below 50 mean more respondents said conditions were poor.
“In addition to tight credit and below-price appraisals, homebuilding is beginning to suffer growth pains as the infrastructure that supports it tries to re-establish itself,” David Crowe, chief economist at the builders association, said.
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