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News Summary: US builder confidence dips in April

The Associated Press

CONFIDENCE SLIPS: The National Association of Home Builders/Wells Fargo builder sentiment index fell this month, reflecting concerns that limited land and rising costs for building materials and labor will slow sales in the short term.

THE NUMBERS: The index, based on a survey of 322 builders, fell to 42 from 44 in March. It was the third decline since January. Readings below 50 suggest negative sentiment about the housing market.

OUTLOOOK STRONG: Despite land supply and other concerns, the builders' outlook for sales over the next six months rose to its strongest point in more than six years.