Homebuilder Sentiment Unchanged in February

U.S. home-builder sentiment was unchanged in February, stuck at a low level for the fourth month in a row as the housing market struggles to recover from its collapse, a survey released Tuesday showed.

The National Association of Home Builders/Wells Fargo Housing Market Index held steady at 16 from last month, as expected.

A reading above 50 indicates that more builders view sales conditions as good than poor. The index has not been above 50 since April 2006.

Although builders are starting to see more interest among potential buyers, that is being offset by competition from foreclosed homes on the market, inaccurate appraisals of new homes and a tight lending environment, NAHB said.