From the Anchorage Daily News on Wednesday, January 21, 2009:
A key gauge of homebuilders’ confidence sank to a new low this month, as the deepening U.S. recession and rising unemployment erode chances for a housing turnaround.
The National Association of Home Builders/Wells Fargo housing market index released Wednesday dropped one point to a record 8 in January. The index was at 9 for the previous two months.
Index readings higher than 50 indicate positive sentiment about the market. But the index has drifted below 50 since May 2006 and has been below 20 since April. The slide in builders’ confidence accelerated in the wake of the U.S. financial crisis, slipping three points in October and then five points in November.
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