Homebuilders remain cautious, as rising mortgage rates and persistent unemployment weighed on hopes for a speedy recovery in the battered housing market. Today’s National Association of Home Builders/Wells Fargo index of builder confidence fell to 15, down from 16 last month, according to Bloomberg. Analysts expected the reading to come in at 17.

The NAHB chief economist, David Crowe said “The housing market continues to bump along trying to find a bottom. Builders are taking their cue from consumers, who remain uncertain about the economy and their own situation.”

As discussed at length here at Cirios, buyers should largely ignore calls in the media and real estate industry for a housing market “bottom.” Markets do not bottom at once, so a bottom in nationwide housing data will mean little for individual markets. At Cirios we do street-level, house by house analysis to identify micro-trends within local housing markets — have a question about your market?

Contact us today for a free consultation!

Tags: bottom, cirios, homebuilder, NAHB, Wells Fargo

This entry was posted on Monday, June 15th, 2009 at 5:43 pm and is filed under Housing Perspective. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.