Summary Box: Builders' outlook still grim in May

AP News
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Posted: May 16, 2011 12:56 PM
Summary Box: Builders' outlook still grim in May

OUTLOOK DISMAL: Builders' outlook for the industry in May was unchanged at 16, according to the National Association of Home Builders. It's been at that level for six of the past seven months. Any reading below 50 indicates negative sentiment about the market.

SALES PROJECTION WORSE: When asked about where they see sales of single-family homes heading over the next six months, the builders offered their most pessimistic outlook since September.

BAD TIME FOR HOME SALES: Last year was the worst for sales of new homes on records going back nearly a half-century. Home construction typically powers economic recoveries.