Home builder's index remains in the dumps

WASHINGTON, Nov. 16 (UPI) -- Builder confidence in the U.S. market for newly built, single-family homes rose marginally in November, a national housing market index indicated.

The National Association of Home Builders/Wells Fargo Housing Market Index added 3 points to 20, building on a 3 point rise in the previous month, the trade group said.

The break-even point on the index is 50 points. Above 50 indicates more builders in the survey indicated they viewed business conditions as favorable than unfavorable.

NAHB Chairman Bob Nielsen said the index remained in a deep trough, despite two months of improved numbers.

In a statement, Nielsen said builders faced "many challenges," including a high number of foreclosures, hard-to-find credit and "the restrictive lending environment."

"These problems must be addressed so that housing can contribute to economic and job growth the way it has in the past," he said.