US homebuilder sentiment slumped in June as the expiration of government tax incentives took its toll on the construction sector, figures showed on Tuesday.
Builder confidence dropped to its lowest level since February, according to the National Association of Homebuilders monthly survey, as building activity fell back. Sentiment declined from a three-year high of 22 in May to 17 in June on the NAHB index.
“Builders still remain very cautious and are aware that several factors could impede the nascent housing recovery, including serious problems in obtaining financing for the production of housing, faulty appraisal practices and competition from short sales and foreclosed properties,†said David Crowe, NAHB’s chief economist.
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