BUILDER CONFIDENCE FALLS

NEW YORK (CNNMoney) – Homebuilders’ confidence sunk again in November to a record low, according to the National Association of Home Builders/Wells Fargo housing market index.

Builder confidence fell to a seasonally adjusted reading of nine, the lowest recorded level since the index began in 1985.

A reading below 50 indicates that builders who think home-sales conditions are poor outnumber those who think the environment is positive for sales. November's reading was the sixth record low set or matched in the past seven months.

Of over 400 builders surveyed, 98 percent believe consumer concern about the economy was a key problem in the market. Also, almost all unanimously agreed that buyers’ inability to sell their existing homes, continued sour market news and tight mortgage lending conditions contributed to the bleak market.

Only 16 percent plan to build more homes in the first half of 2009, while 49 percent plan to build fewer homes. Overall, those surveyed anticipate constructing 17 percent fewer homes in the first six months of 2009 as compared with the last half of this year.