08 August 2008 22:39 [Source: ICIS news]
HOUSTON (ICIS news)--Builders of US condominiums continued to show little confidence in market conditions during the second quarter of 2008, the National Association of Home Builders (NAHB) said on Friday.
According to the association’s Multifamily Condo Market Index (MCMI), the latest decline pushed two of the three components of the MCMI to their lowest levels since the NAHB created the index in 2002.
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"Like the market for single-family homes, the housing slump and the recent turmoil in the financial markets are also distressing the condo market," NAHB chief economist David Seiders said.
US home builders currently face tight finance conditions, a soft economy and a glut of foreclosed homes on the market that tend to push real estate values down.
However, newly enacted legislation to give tax credits to first-time home buyers has helped to provide some relief in a market plagued with the biggest drop in home values for decades, the NAHB said.
"The hope now is that the housing stimulus bill signed into law last week by the president will support a much-needed turnaround in all sectors of the housing market, including condos," Seiders said.
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