Homebuilder sentiment at record low

"U.S. homebuilder sentiment sank to a new low in January as concerns about the faltering economy and reluctant homebuyers hurt confidence in the market for newly built single-family homes, an industry group said on Wednesday.

The National Association of Home Builders said its preliminary NAHB/Wells Fargo Housing Market Index was 8 in January, down from 9 in December. That is the lowest level on record since the gauge was launched in January 1985.

Readings below 50 indicate more builders view market conditions as poor than favorable. The January index was below expectations of 9, based on a Reuters survey of economists."

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Homebuilder sentiment at record low