Homebuilder Confidence in U.S. Unexpectedly Drops
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Builders in the U.S. unexpectedly turned pessimistic in August, a sign the expiration of a government tax credit will keep depressing home construction.
The National Association of Home Builders/Wells Fargo confidence index dropped to 13 this month, the lowest level since March 2009, from 14 in July, data from the Washington- based group showed today. Economists forecast a reading of 15, according to the median estimate in a Bloomberg News survey. Readings lower than 50 mean more respondents said conditions were poor.