Home builders' confidence falls back to 16-year low

anybody remember this great work from minyanville? on this headline from the nahb oktober 2006 .......

evtl. erinnert sch ja noch einer an die euphorische überschrift der buildervereinigung vom letzten oktober und diesem super teil von minyanville.....

"Builder Confidence Stabilizes In October"

http://tinyurl.com/2cz2o2 / thanks to Minyanville !

that´s my take on almost every press release from the nar, nahb etc..........

das umschreibt am besten meine meinung zum thema pressearbeit von lobbyistenvereinigungen......

Tightening lending standards shook U.S. home builders in May, sending a gauge of their confidence back down to a 16-year low, an industry trade group reported Tuesday.

The National Association of Home Builders/Wells Fargo housing market index slid three points to 30 in May, matching the 16-year low set in September. Economists were predicting the home builders' index would remain at 33, according to a survey conducted by MarketWatch.

Seiders said he doesn't expect any improvement in housing sales or production until late this year. "We're expecting the early stages of the subsequent recovery to be quite sluggish," he said.

All three components of the housing market index declined in May. The index of current sales fell two points to 31, a low for this business cycle. The index for future sales fell three points to 41, the lowest since September. The index for buyer traffic at developments dropped four points to 23, also the lowest since September.

Builders' confidence fell in three of four regions. In the South, the index dropped four points to 33. The index fell three points to 32 in the West and six points to 32 in the Northeast. It rose one point to 23 in the Midwest.

The index was at 46 a year ago, and 70 two years ago. It peaked at 72 in June 2005.