A report from Wells Fargo and the National Association of Home Builders (NAHB) reports that confidence amongst homebuilders has plummeted from one all-time low to another in November.
The NAHB housing market index tumbled five points to a reading of 9 in November, down from an all-time low of 14 in October.
Over the past three years, the index has fallen from 61 to 9. A rating above 50 indicates optimism from homebuilders; below 50 indicates pessimism.
The index, which has a 22-year history, consists of three components.
The sales expectations component remained at 19 in November, while the present housing component for single-family homes fell six points to 8, and the component looking at traffic of prospective buyers fell four points to 7.
By Patrick McGee and edited by Stephen Huebl
©CEP News Ltd. 2008