NAHB: Homebuilder confidence drops

By Gary Linnell

ProWEB Wire (Industry News)

For the third consecutive month, homebuilder confidence has declined -- in part due to purchasers snatching up cheap foreclosed properties.

In fact, the National Association of Home Builders says its monthly index of builders' sentiment dipped to 13 -- the lowest reading since March 2009.

This figure is especially significant considering that a reading below 50 indicates negative sentiment about the market. However, the index hasn't been above 50 since April 2006.