Economic Buzz: US Homebuilder Confidence Shows Modest Drop

Likely reflecting winter weather effects, the National Association of Home Builders released a report on Monday unexpectedly showing a modest drop in US homebuilder confidence in the month of April. The report said the NAHB/Wells Fargo Housing Market Index edged down to 69 in April from 70 in March. The decrease by the headline index was partly due to a decrease by the component gauging current sales conditions, which fell to 75 in April from 77 in March. The component measuring sales expectations in the next six months also dipped to 77 in April from 78 in March, while the component gauging buyer traffic held steady at 51.