May 16, 2011
U.S. homebuilders are concerned that the struggling housing market won’t recover this year and some feel it may be getting worse.
Builders’ outlook for the industry in May was unchanged at 16, the National Association of Home Builders said Monday. It has been at that level for six of the past seven months.
Any reading below 50 indicates negative sentiment about the market. The index hasn’t been above that level since April 2006.
When asked about where they see sales of single-family home heading over the next six months, the builders offered their most pessimistic outlook since September.