Bloomberg.com: Worldwide

Bloomberg.com: Worldwide: "U.S. Homebuilder Confidence Declined to 16-Year Low (Update2) By Shobhana Chandra Aug. 15 (Bloomberg) -- Confidence among U.S. homebuilders fell more than forecast in August to the lowest since 1991, as cancellations and more restrictions on lending took a toll. The National Association of Home Builders/Wells Fargo index of builder confidence declined to 22, from 24 in July, the Washington-based association said today. A reading below 50 means most respondents view conditions as poor. The gauge has decreased for six consecutive months. Mounting defaults on subprime mortgages are extending a slump in home building that is already the worst in 16 years, forcing real estate companies to slash prices and offer more incentives to buyers. Declines in residential construction will weigh on the economy until 2008, economists said."