U.S. homebuilders' confidence in the housing market rose modestly in April but remained at low levels for the third straight month, reflecting the impact of tight credit for home buyers and a shortage of workers and land.
The National Association of Home Builders/Wells Fargo builder sentiment index, which measures confidence in the single-family home market, edged up to 47 in April from 46 in March, the homebuilders group says.
Readings below 50 mean builders view sales conditions as poor. The index had been above 50 from June through January. Builders recently have complained that they can't find enough workers or lots.
Builders expect sales to improve over the spring and summer. The index measuring their confidence in home sales over the next six months rose to 57, highest since January.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)