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U.S. Builder Confidence Matches Historic Low at 18

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A report from Wells Fargo and the National Association of Home Builders (NAHB) suggests that homebuilders were even more pessimistic in June as the housing market index fell a single point to 18, matching the historic low of the 22-year index reached last December.

The previous month's single-point drop to 19 broke a three-month trend at the 20 level.

Three components make up the index. The present housing index for single-family homes remained at 17 and the sales expectations index remained at 27, but the traffic of prospective buyers component fell a single point to 17.

In the last 12 months, the index has dropped a total of 10 points.

By Patrick McGee and edited by Stephen Huebl
©CEP News Ltd. 2008

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