NEW YORK ( TheStreet) -- On Wednesday the National Association of Home Builders released its Housing Market Index for January with an unchanged reading at 47, ending the winning streak at eight consecutive months and below the neutral 50.The NAHB indicates that conditions in the housing market are much better than they were a year ago with an increasing number of geographic markets showing signs of recovery. The pending fiscal cliff was blamed for a pause in this improving climate. The possibility that Congress may limit the mortgage interest rate deduction is a growing concern for the home builders. The same difficulties continue to impede the housing recovery; persistently tight mortgage credit conditions, and difficulties in obtaining accurate appraisals.
Overvalued Home Builders Face Earnings Hurdle
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