Builder index near record low
From Times Wire Services
U.S. home builder sentiment hovered just above a record low in January as a glut in houses for sale and tight lending conditions continued to depress the market, the National Assn. of Home Builders said.
The NAHB/Wells Fargo housing market index rose 1 point to 19 in January, the group said. The December level was revised lower by 1 point to 18, the lowest since the survey began in January 1985, it said.
Readings below 50 mean more builders view market conditions as poor than favorable.
