US builder confidence drops to 14 year low in October
American single family home builder confidence fell three points in October as elevated mortgage rates and rising material costs squeezed margins.
FTMQ Real Estate, written by our newsroom0 views
United States single family home builder sentiment dropped three points to 29 in October, HousingWire reported. The reading is the lowest level since June 2012, according to the publication. HousingWire cited the National Association of Home Builders and Wells Fargo Housing Market Index for the figure. [1]
The index remains firmly in negative territory, HousingWire reported. Any reading below 50 indicates that a larger share of home builders view market conditions as poor rather than good. [1]
Rising mortgage rates, which have moved well above 7 percent in recent weeks, contributed to the decline, HousingWire said. Higher energy and material costs, inflation, and deteriorating conditions for labor and lots are also weighing on project pipelines. [1]
To cope with weakening buyer traffic across much of the country, more builders are relying on price cuts and sales incentives to maintain activity, HousingWire reported. [1]
In short
- The NAHB/Wells Fargo Housing Market Index fell three points to 29 in October.
- The October reading is the lowest level for US builder confidence since June 2012.
- Mortgage rates have risen well above 7 percent in recent weeks.
Sources
Every paragraph above points to the numbered items it rests on. Read the originals here.
- [1]Builder confidence plunges as rate shock, costs squeeze marginsHousingWire, 15d ago (the report this story comes from)
Background
- [2]Economy of the United Kingdom on Wikipedia
Our newsroom writes these reports with the help of software, from the 2 sources listed and nothing else, and checks them against those sources. Facts can still be wrong or move on; the originals are the record. Spotted a mistake? Write to daniel@monsterkong.com.
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