Home Builder Confidence Index Falls to Lowest Level Since June

The National Association of Home Builders said Tuesday its Housing Market Index fell again in December to 16, from November's reading of 17 -- the index's lowest level since June.

According to a Bloomberg News survey, economists had expected the index to rise to 18 in December. The index was at 20 in October, after hitting a cycle low of eight in January. The NAHB Housing Market Index measures builder perceptions of current single-family sales conditions, sales expectations for the next six months, and the traffic of prospective buyers. Readings over 50 indicate that more builders view sales conditions as good than poor.