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According to Bailey, the weak sentiment in the UK housing market is reflected across the wider economy, with consumer confidence, as measured by the NOP Index, at its lowest level since April 1994. With some regional and local market variations, house prices across the UK have been falling since September, with overall price growth of only 1, 1% in first quarter 2008 (11% first quarter 2007). Joan Muller

Forex Broker (AXcess News) Washington - Rising mortgage rates, continued affordability issues and subsiding demand from investors/speculators are prompting single-family home builders to adjust their perspectives on the new-home market, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for April, released today. The HMI declined four points from a downwardly revised reading in the previous month to hit 50 for the latest report.

(RTTNews) The dollar hit the skids against other major currencies on Friday as the release of a report showing that US consumer sentiment dropped to its lowest since 1980 overshadowed a relatively encouraging reading on the housing situation. University of Michigan Surveys of Consumers said its preliminary index of confidence fell to 59.5 in May, down from 62.6 in April. This was well below economists' median expectation of a reading of 62.0.

Online Brokerage "Home builders definitely view this as something of a transition period, where demand from speculators is easing off and the market is heading to a more sustainable level of activity following the record-breaking performance of 2005," said NAHB President David Pressly, a home builder from Statesville, N.C. "This process should help restore a healthier balance between supply and demand going forward."

Homebuyers are putting their confidence in the UK housing market this year, with almost 80% expecting average UK house prices to rise over 2006 and only 15% expecting a fall in the average cost of a property, according to a survey carried out by The Homebuyer Show. These figures show a distinct change in expectation from last year when only a quarter expected the market to grow whilst almost half thought 2005 would see a decline in property prices. These upbeat results are also reflected in the predictions of the house price reports from Nationwide, Halifax and Hometrack which predict moderate growth in house prices this year.

Real Estate Broker "With mortgage rates back up to the 6.5 percent range and serious affordability issues in the highest-priced markets, today's HMI numbers are neither surprising nor alarming," noted NAHB Chief Economist David Seiders. "Indeed, a reported reduction in home buying by investors/speculators in the market for new single-family homes is a positive development. Furthermore, we expect solid growth in employment and household income to essentially offset the minor increases in the interest-rate structure that we're projecting for the balance of this year."

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Agency Brokerage Spark Derived from a monthly survey that NAHB has been conducting for nearly 20 years, the NAHB/Wells Fargo HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months as "good," "fair" or "poor." The survey also asks builders to rate traffic of prospective buyers as either "high to very high," "average" or "low to very low." Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view sales conditions as good than poor.

Against the British pound, the Canadian currency fell to 2.0181. Traders considered data from the UK showing the FT House Price Index annual inflation at 5.4% in March, down from 6.1% in February . day high against the greenback. The Japanese currency moved at 101. afternoon, after rising to 1.0002 earlier in the morning. 30 am ET, US government data showed that jobless claims fell back 53, 000 to 357, 000 in the week ended April 5.

Business Broker All three component indexes slipped this month, with the largest decline registered for current single-family sales. That component declined five points to 54 in April, while the component for sales expectations in the next six months was down four points to 58 and the component gauging traffic of prospective buyers declined a single point to 39.

Brokerage Account Regionally, only builders in the West registered greater confidence in market conditions in April than in the previous month; there, a four-point gain to 70 partially offset a significant decline in March. Meanwhile, the HMI for the Northeast posted a seven-point decline to 49, the HMI for the South recorded a four-point decline to 55, and the HMI for the Midwest showed continued weakness in that region with a five-point decline to 32.

Stock Broker Source: NAHB

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