Homebuilder Confidence Remains Unchanged

September 21, 2010

David Schalliol Courtesy of Flickr
Homeowners aren't the only ones hit hard by foreclosures.

Home BUILDERS are also feeling the pinch.

The National Association of Homebuilders' latest index shows no signs of growth in builder confidence.

Market analyst Thomas Fitzgibbon says improvement will take time.

FITZGIBBON: We're going to have to work through the years of moving this unsold inventory into the marketplace and that's going to be driven by, do people have jobs and do people have confidence?

The study points to high foreclosure rates and low consumer certainty as roadblocks to improved optimism among builders.

The Mortgage Bankers Association places Illinois among the top five states for foreclosure rates.

Illinois' foreclosure rate is slightly above 6 percent.