Homebuilder confidence falls to record low
Market, News | (0)
Sometimes it’s tough to be a homebuilder.
In the midst of extreme volatility on Wall Street and fears of a global economic slowdown, it seems that no one wants to buy new homes, and the confidence of homebuilders has taken a beating as a result.
The National Association of Home Builders announced today that its index of builder confidence fell to a record low of 14 in October.
Any reading in the index below 50 indicates negative sentiment about the market.
The report surveys 446 residential developers across the country and gauges their perceptions of market conditions.
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