According to the National Association of Home Builders (NAHB), builder confidence is down -- taking it to record low numbers that were seen last in December 2007. These figures come from the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).

"Today's numbers are a reflection of how much our members are hurting as this downturn in housing markets continues," said NAHB President Sandy Dunn, "Many are small-business owners who are the backbone of their local economies, and in some cases they are having to lay off family members and friends just to stay afloat. Congress can't act too quickly to help reverse this trend."

Perhaps this Congressional help could come in the form of H.R. 3221: Foreclosure Prevention Act of 2008. If passed this bill would give a buyer tax credit to first time home buyers and to those who have not bought a home in three or more years.

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Published: June 17, 2008

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