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US homebuilder outlook dips in April after hitting 4-year high in March
WASHINGTON (AP) ' The outlook among U.S. homebuilders dimmed in April after six months of rising or steady confidence. The decline suggests the housing market remains weak despite modest gains.
The National Association of Home Builders/Wells Fargo says its builder sentiment index fell this month to 25 from 28. Last month's reading was the highest since June 2007. The index rose for five straight months between September and February.
Builders expressed weaker confidence in sales over the next six months. A separate gauge measuring that outlook rose for six straight months before falling this month, from 35 to 32.
Any reading below 50 indicates negative sentiment about the housing market. The index hasn't reached hit that level since April 2006, the peak of the housing boom.