Rising mortgage rates, weaker demand, and a growing inventory of unsold homes have pushed home builder optimism to its lowest point since November 2001, according to the National Association of Home Builder’s/Wells Fargo Housing Market index.
The index slid to 50 in April. In November 2001, it stood at 48. A year ago, by comparison, the index was at 67.
Confidence fell in all regions but the West, where a four-point gain to 70 partially offset a significant decline in the previous month, according to the NAHB.
The Midwest showed continued weakness, with a five-point decline to 32 in April. The Northeast posted a seven-point decline to 49, while the South posted a four-point decline to 55, but remained in the positive range.
Source: Reuters News (04/17/2006)
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