Thread: U.S. Homebuilder Confidence Unexpectedly Fell in June (Updat

U.S. Homebuilder Confidence Unexpectedly Fell in June (Update1)

By Shobhana Chandra

June 15 (Bloomberg) -- Confidence among U.S. homebuilders fell unexpectedly in June, indicating that a recovery from the housing slump will be slow to develop.

The National Association of Home Builders/Wells Fargo index of builder confidence decreased to 15 this month from 16 in May, the Washington-based NAHB said today. A reading below 50 means most respondents view conditions as poor.

Builders from Hovnanian Enterprises Inc. to Toll Brothers Inc. continue to report losses as foreclosures mount, worsening the glut of unsold properties and driving down prices at the same time that borrowing costs are rising. Still, other reports show demand is starting to stabilize, which may eventually help residential construction become less of a drag on the economy.

“The housing recovery will be fairly modest and gradual,â€

The construction industry is one of the biggest employers of illegals in the country. Now, many illegals have started their own construction companies with illegal alien employees and do jobs so cheap no American can compete.