Home builders still glum on market prospects

updated 1:25 p.m. ET June 15, 2009

LOS ANGELES - The National Association of Home Builders says its housing market index slipped by one point in June, reflecting many builders' uncertainty about when their business prospects might improve.

The Washington-based trade association said Monday the index fell to 15 — the first decline since January, when the index dropped to an all-time low of 8.

Index readings lower than 50 indicate negative sentiment about the market.

The report reflects a survey of 548 residential developers nationwide, tracking builders' perceptions of market conditions.

The index readings for current sales conditions and traffic by prospective buyers remained unchanged from May. The reading on expectations for sales over the next six months dropped by a point.

MORE FROM REAL ESTATE

Real estate Section Front

Report: Almost 1 in 4 borrowers underwater Home sales rise to highest level in 2.5 years Real estate agents see return of foreign buyers Forbes: World's most expensive homes Replacing a real estate agent with a Web site Mortgage delinquencies hit record high Rates on 30-year loans still below 5 percent Housing starts drop 10.6 percent in October Beazer Homes CEO could face civil charges Pace of mortgage help rising but still slow Real estate Section Front   Add Real estate headlines to your news reader: