The National Association of homebuilders’ headline index steadied at 19 in November. The October figure was revised up to 19 from 18 previously. The market was looking for a decline to 17. Even after revision, the index is at the lowest since January 1985, showing the extreme weakness in the sector. While a better result than expected, there is still no improvement on the horizon. Lower levels of confidence remain a possibility in the next months, even if the very low level means the downside is limited. NAHB pointed to ongoing mortgage market problems, inventory overhang and negative media coverage.