WASHINGTON (Associated Press) – The National Association of Home Builders reported that its housing market index fell to 15 in January, the lowest reading since June.
The dip, which is the second-straight monthly decline, echoes builders’ fears that demand for new homes will be weak, despite the federal tax credit extension for buyers.
The index represents the outlook of 504 residential developers surveyed nationwide. Index readings below 50 indicate negative sentiment about the market.