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Homebuilder Confidence in U.S. Unexpectedly Dropped in April I Bloomberg News -April 15, 2013.-.

Bloomberg News Homebuilder Confidence in U.S. Unexpectedly Dropped in April Confidence among U.S. homebuilders unexpectedly fell in April for a third month, restrained by rising costs for materials and financing restrictions. The National Association of Home Builders/Wells Fargo index of builder confidence dropped to 42, the lowest since October, from 44 in March, the Washington-based group said today. Economists projected an index of 45, according to the median estimate in a Bloomberg survey. Readings below 50 mean more respondents said conditions were poor. “Many builders are expressing frustration over being unable to respond to the rising demand for new homes due to difficulties in obtaining construction credit, overly restrictive mortgage lending rules and construction costs that are increasing at a faster pace than appraised values,” Rick Judson, the group’s chairman and a builder from Charlotte, North Carolina, said in a statement. The report showed bui