The National Association of Home Builders is reporting that builder confidence has dropped again, now to the lowest reported levels since 2003.

This comes as no surprise to many experts, as a recessed overall economy has let to cut backs in markets across the board. “We have a serious supply/demand imbalance in the housing market, coupled with a weakening job market, and stringent credit market conditions, and that is negatively impacting the multifamily sector,” said David Seiders, NAHB’s Chief Economist.

These issues are also exacerbated by the ongoing credit crisis seen across the nation. According to Seiders, even in those markets where the rental apartment demand and supply are in balance -- or where demand exceeds supply -- multifamily developers have been unable to get new projects started because of the ongoing credit problems in the capital markets.