Confidence among U.S. home builders keeps slumping
STORY: Single-family home builders’ confidence fell for the ninth straight month in September
Source: National Association of Home Builders/Wells Fargo Market index
One index says it’s at its lowest level since May 2014 - excluding the spring of 2020
It’s at 46 points and readings below 50 mean builders see conditions as “poor”
Steep prices for building materials and soaring mortgage rates
have made housing less affordable for many first-time buyers
Source: Freddie Mac
The 30-year fixed mortgage rate recently spiked above 6% for the first time since November 2008
The Fed’s aggressive monetary policy tightening has also had a significant impact on the housing market
Source: Reuters survey
New home construction permits are expected to have declined by a seasonally adjusted annual rate of 75,000 units from July to August
