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Builders also see tighter mortgage-lending standards and problems with the home appraisal process as impediments to a full housing recovery. Some of that uncertainty appears to have crept into the latest confidence survey. The index tracking builders' outlook for sales over the next six months slipped 1 point to 49, the lowest level since August, when it was 43. However, a measure of current sales conditions was unchanged at 51, though still at the highest level since April 2006. And a gauge of traffic by prospective buyers increased 1 point to 37, also the highest reading since April 2006. Though new homes represent only a fraction of the housing market, they have an out-size impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in tax revenue, according to NAHB statistics.
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