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Builder Confidence Nears 2023 Low

Builder Confidence Nears 2023 Low

Stubbornly high mortgage rates further eroded home builders’ confidence in the new home market in October. Not only did the National Association of Home Builders (NAHB) report that the NAHB/Wells Fargo Housing Market Index (HMI) dropped 4 points this month , but the index for September was revised down an additional point. After its third consecutive monthly retreat, the HMI is now at 40, the lowest point since January 2023. Robert Dietz, NAHB’s chief economist said builders are encountering dual issues. Buyers, particularly younger ones, are being priced out of the market by interest rates that have remained above 7 percent for two months.  Additionally, elevated rates are also increasing the cost and decreasing the availability of builder development and construction loans,
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