Homebuilder Mood Worst Since 1995By
Growing pessimism among builders. Today the National Association of Home Builders announced that in May its index of builders' perceptions of sales conditions dropped to its lowest since mid-1995.
To quote the press release:
Rising mortgage rates, deepening affordability issues and the retreat of investors/speculators from the marketplace ...
NAHB Chief Economist David Seiders calls it an "orderly cooling-down process."
Here's the history of the NAHB/Wells Fargo Housing Market Index since the start of last year:
2005 Jan 70
2006 Jan 57