Homebuilders losing confidence in the recovery

Homebuilders are feeling increasingly pessimistic about their industry, more evidence that the economic recovery is slowing.

The National Association of Home Builders said Monday [July 19] that its monthly reading of builders' sentiment about the housing market sank to 14 — the lowest level since March 2009. Readings below 50 indicate negative sentiment about the market, according to a July 19 AP report.