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U.S. Housing Market Index Shows Unexpected Drop In April

4/16/2012 10:09 AM ET

Homebuilder confidence in the U.S. has shown an unexpected deterioration in the month of April, according to a report released by the National Association of Home Builders, with the decrease marking the first drop in seven months.

The report showed that the NAHB/Wells Fargo Housing Market Index dropped to 25 in April from 28 in March. The decrease surprised economists, who had expected the index to edge up to 29.

by RTT Staff Writer

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