With disappointing news regarding stalled job creation and increased unemployment applications appearing in recent weeks, the U.S. economy has encountered some unexpected roadblocks to the slow-but-steady recovery that lasted through the first few months of 2012. Beyond the jobs market, this data has also impacted real estate and homebuilding efforts across the nation.
According to CNBC, hiring figures for June have decreased homebuilder confidence as indicated by the monthly index provided by the National Association of Home Builders (NAHB). While the index jumped by four points in May, June saw only a one point increase. The total survey of homebuilder confidence now sits at 29 – 50 is the number that divides positive and negative figures.
RTT News reports that chief economist David Crowe of the NAHB said, “While the June HMI is in keeping with our forecast for gradually improving single-family home sales this year, recent economic reports that have show some weakening in the pace of recovery likely factored into the marginal gain.”
While building has been particularly slow in the Northeast and Southeast, CNBC notes that confidence has been gaining across the Midwest and West Coast due to investments in foreclosed properties.