LOS ANGELES — Homebuilder sentiment index unchanged in November
LOS ANGELES (AP) — A key gauge of homebuilders’ confidence held steady in November, reflecting a cautious outlook from residential developers as they waited to learn whether Congress would extend a homebuyer tax credit.
The National Association of Home Builders said Tuesday this month’s housing market index stood at 17 for the second month in a row.
A federal tax credit of up to $8,000 for first-time homebuyers has helped stoke sales this year, but it was set to expire Nov. 30. Congress extended the incentive earlier this month, after most of the builders had responded to the latest NAHB survey.
“Today’s report confirms that homebuilders and buyers were in something of a holding pattern in early November as the anticipated expiration of the tax credit drew near and congressional action had not yet taken place to address this,” said David Crowe, the NAHB’s chief economist.
