Index of homebuilder sentiment stuck at record low for third-straight month

Associated Press - December 17, 2007 2:03 PM ET

WASHINGTON (AP) - Still a lot of doom and gloom among the nation's homebuilders.

The National Association of Home Builders says its housing market index was at a record low for the third straight month. The index gauges builders' perceptions of conditions and expectations for home sales over the next six months. The December reading of 19 was the lowest since the index began in January 1985.

Index readings higher than 50 indicate positive sentiment. The index has been below 50 since May of last year, has declined for eight straight months this year and has been unchanged since October.