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After a Steady Run, Builder Confidence Finally Folds; Rates Stay Lower; Sweat Equity Downpayments

After a Steady Run, Builder Confidence Finally Folds; Rates Stay Lower; Sweat Equity Downpayments

Builder confidence took a steep dive this month, reflecting increasing news of slowing home sales and rising concerns over affordability. The National Association of Home Builders (NAHB) said its Housing Market Index (HMI), a joint project of NAHB and Wells Fargo, dropped eight points. The index, which has been floating in the 67 to 70 range since March, had a November level of 60, the lowest since July 2016. NAHB Chairman Randy Noel said, "Builders report that they continue to see signs of consumer demand for new homes but that customers are taking a pause due to concerns over rising interest rates and home prices." "For the past several years, shortages of labor and lots along with rising regulatory costs have led to a slow recovery in single-family construction," said NAHB Chief Economist
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