According to an article from FOX Business, the National Association of Home Builders/Wells Fargo sentiment index fell to 18 this month, even though economists had guessed that it would rise to 20. It was marked at 19 in September. An index of 18 means only one out of six builders has a positive view of the housing market.
With this number set so low for the month of October, it can be assumed that it will decrease even more in November, with the expiration of the tax credit available for first-time homebuyers.
What does this mean for you? For one thing, brand-new homes might be hard to come by, so now’s a great time to check out www.BuyOwner.com to search already built homes for sale by owner. Also, this slowed building market may help even things out in the oversaturated market, which is good news for sellers. Time will tell.