WASHINGTON, Feb. 15 (UPI) -- Builder confidence for new single-family homes was unchanged for the fourth straight month, the National Association of Home Builders reported Tuesday.
The Housing Market Index, a joint project of the home builders group and Wells Fargo Bank, remained at 16 in February, the association said in a release.
"While builders are starting to see more interest among potential home buyers, we are also dealing with a multitude of challenges," said association Chairman Bob Nielsen.
Nielsen cited competition from foreclosure properties and "inaccurate appraisals of new homes, which are limiting our ability to sell."
"On top of that, an extremely tight lending environment continues to make it impossible to obtain credit for viable new and existing projects," he said.
Association Chief Economist David Crowe said builders say "some pockets of optimism have begun to emerge, but many prospective purchasers are concerned about selling their existing home in the current market or face difficulty securing credit."