Housing-market index slips a bit

The National Association of Home Builders says its housing-market index slipped by one point in June, reflecting many builders' uncertainty about when their business prospects might improve.

The Washington-based trade association said the index fell to 15 -- the first decline since January, when the index dropped to an all-time low of 8.

Index readings lower than 50 indicate negative sentiment about the market.

The report reflects a survey of 548 residential developers nationwide, tracking builders' perceptions of market conditions.

Christopher Corrada, president of the Home Building Association of Richmond and vice president of East West Partners of Virginia Inc., a development company in Midlothian, said the sentiment has increased by almost double since January, showing a greatly improved outlook by builders during the first half of 2009.

The Associated Press and Deputy Business Editor Gregory J. Gilligan contributed to this report.