Builders in U.S. lost confidence after credit ended

Builders in the U.S. turned more pessimistic in June than expected, signaling housing demand may be slowing even more than anticipated after a government tax credit expired.

The National Association of Home Builders/Wells Fargo confidence index dropped to 17 from 22 in May, lower than all estimates of economists surveyed by Bloomberg News and the biggest decrease since November 2008, data from the Washington- based group showed today. Readings lower than 50 mean more respondents said conditions were poor, according to a June 5 Bloomberg News report.

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