WASHINGTON — Homebuilders are feeling increasingly pessimistic about their industry, more evidence that the economic recovery is slowing.
The National Association of Home Builders said Monday that its monthly reading of builders’ sentiment about the housing market sank to 14 — the lowest level since March 2009. Readings below 50 indicate negative sentiment about the market.
The weak job market and an increasing number of foreclosed properties have prompted builders to limit construction of new homes. A modest revival in sales over the past year ended in May after federal tax credits expired at the end of April.
Conditions are not likely to improve soon. Reports this week on new home construction and previously owned home sales in June are expected to show the housing market remains deeply hobbled. An update on the Obama administration’s effort to help those in danger of losing their homes is also expected Tuesday.
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