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New figures show US builders losing confidence

Columbus News.Net
Tuesday 18th November, 2008

US builder confidence has sunk to its lowest level since January 1985.

The monthly Housing Market Index tracking builder confidence fell five points to nine.

After the release of the figures, the National Association of Home Builders said the housing downturn had erased three million construction or building-related jobs.

The NAHB's index is based on a survey of 422 home builders.

A leading index above 50 means a majority of builders indicated sales conditions are good, while a number below 50 means the majority of builders indicated sales conditions are poor.

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