US homebuilder confidence steady in August
18 August 2008 18:36 [Source: ICIS news]
HOUSTON (ICIS news)--US homebuilders’ confidence remained steady in August, with an overall improvement in business sentiment regarding the outlook for home sales in the next six months, the National Association of Homebuilders (NAHB) said on Monday.
Builders were hopeful of improved sales over the next six months due to the Housing and Economic Recovery Act of 2008, signed into law at the end of July.
The law added tax incentives for first-time home buyers, generating sentiment for recovery in the housing market, which is an important consumer of chemicals and chemical-related materials.
"With the passage of crucial housing legislation last month that created an attractive home buyer tax credit, there is a sense that home sales may soon be reaching a turning point," NAHB president Sandy Dunn said.
Dunn added: "Builders are anticipating the stimulative effects of this legislation and are optimistic that the tax credit will give those buyers who've been sitting on the fence the reason they need to jump back into the market."
In addition to the temporary tax credit aimed at coaxing buyers back into a market shocked by eroding home values and tighter credit requirements, the statute implemented finance system reforms and provides relief to homeowners on the brink of foreclosure.
"While our overall measure of builder confidence remains at a record low at this time, it is a good sign…and this may be an indication that we are nearing the bottom of the long downswing in new-home sales," NAHB chief economist David Seiders said.
Seiders added: "Our current forecast shows stabilization of sales during the second half of this year, followed by solid recovery in 2009 and beyond."
The broad sentiment index is a monthly survey conducted by NAHB in co-ordination with Wells Fargo, a leading
To comment on issues facing the global chemical industry visit ICIS connect
By: John Waggoner
+1 713 525 2653
< previous article(VIDEO - ICIS news Europe Lunchtime Bulletin 28 October 2009)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|
|
Related Articles
- 18 Sep 08 14:09 INSIGHT: Is the sky darkening - or brighter?
- 17 Sep 08 15:13 US home building falls in Aug but less than July
- 09 Sep 08 20:15 US housing sector not likely to improve near-term
- 08 Sep 08 18:52 US housing, chem officials hail federal loan deal
- 13 Aug 08 15:11 Europe jet fuel market set for demand fall
- 26 Aug 08 16:54 July US home sales rise 2.4% as price falls slow
- 25 Aug 08 17:14 US July home sales rose 3%, hinting at recovery
- 21 Aug 08 17:36 US leading indicators index plummets 0.7% in July
- 18 Aug 08 17:17 Joint venture to build Texas offshore oil port
- 18 Aug 08 16:28 Storm to miss US Gulf oil production - Shell
- 18 Aug 08 14:46 INSIGHT: Industry outlook will change with capacity
- 18 Aug 08 00:15 This Week in ICIS Chemical Business
- 15 Aug 08 20:23 Weakening global economy threatens US exports
- 15 Aug 08 18:23 Unipar H1 net drops 54% on raw material costs
- 15 Aug 08 17:28 INSIGHT: All eyes on third quarter as Europe slows
Latest News
- 23 Nov 09 22:54 Bankrupt Lyondell wants until Sept to file reorganisation plan
- 23 Nov 09 22:04 US soybean harvest nearly done, corn lags
- 23 Nov 09 21:36 Brazil airline to test sugarcane kerosene - reports
- 23 Nov 09 21:21 US Honeywell says FM on nylon 6, caprolactam will be short-lived
- 23 Nov 09 20:41 Reliance's bid for Lyondell may be first of several
Barbara Ortner looks at the off-beat and unusual side of chemical industry life.
ICIS Chemicals Confidential