WASHINGTON, June 15 (UPI) -- Confidence in business conditions among single-family home builders fell in June, a U.S. industry group said Tuesday.
The National Association of Home Builders/Wells Fargo Housing Market Index declined five points to 17 during the month, dropping after two months of gains to a level last seen in February.
The monthly survey uses 50 as a break even point with higher numbers indicating more builders rate business conditions as "good" than "poor."
"The home buyer tax credit did its job in stoking spring sales and we expected a temporary pull back in the builders' outlook after the credit expired at the end of April," said NAHB Chairman Bob Jones in a statement.
"Builders remain very cautious," said NAHB Chief Economist David Crowe. However, Crowe said, "an improving economy, rising employment, low mortgage rates and stabilizing home values should help the housing market move forward."
Among the contributing indexes, the current sales index dropped five points to 17, while the future expectations index fell four points to 23, NAHB said.