Number of points that the National Association of Homebuilders (NAHB)’s builder confidence index declined in March so far. This took the measure to 47, which is slightly negative overall and ends an eight-month improving trend in the index[1]. “Although many of our members are reporting increased demand for new homes in their markets, their enthusiasm is being tempered by frustrating bottlenecks in the supply chain for developed lots along with rising costs for building materials and labor,” said NAHB chairman, Rick Judson. Judson added that “problems with appraisals and credit availability remain considerable obstacles to completing deals.”