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Homebuilder sentiment index falls in June
03:49 PM CDT on Monday, June 16, 2008
LOS ANGELES – The National Association of Home Builders says its housing market index for June declined by one point, reflecting a worsening outlook on the part of hundreds of home builders.
The Washington-based trade association said Monday the index fell in June to 18, down from 19 in May.
The report reflects a survey of 370 residential developers nationwide, tracking builders' perceptions of current market conditions and expectations for home sales over the next six months.
Index readings higher than 50 indicate positive sentiment about the market. The seasonally adjusted index has been below 50 since May 2006.
The NAHB also renewed its call on lawmakers to include a tax credit for home buyers in a housing stimulus package being considered in Congress.
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