Builder Confidence Hits Lowest Level Since 2012
FROM THE WIRE · MORTGAGENEWSDAILY.COM
The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) dropped three points to 29 in October--its lowest level in 14 years. As per usual, higher mortgage rates, rising costs, and worsening labor and lot conditions were the driving factors. All…
Read at the source ↗MARKET IMPACTNEUTRAL✦ News Impact agent estimateTone: expected bearishThe NAHB index at a 14-year low signals a sharp expected slowdown in housing.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
- 01The NAHB/Wells Fargo HMI dropped three points to 29 in October.
- 02The decline is attributed to higher mortgage rates, rising costs and worse labor and lot conditions.
- 03The steepest drop was in prospective buyer traffic, down from 23 to 18.