National

Oct 18, 2010 11:44 AM by Associated Press

Builders glum on housing market despite uptick

Builders are pessimistic about the housing market, but are seeing a little more foot traffic after the worst summer for home sales in a decade.

The National Association of Home Builders says its monthly index of builders' sentiment rose in October to 16, the first increase in five months. The index had been at 13 for the past two months, the lowest level since March 2009. October's reading was equal to June.

Readings below 50 indicate negative sentiment about the market.

The last time the index was above 50 was in April 2006.

High unemployment, slow job growth and tight credit have kept people from buying homes.

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