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US Homebuilder Confidence Hits Worst Slump Since 2007 Collapse

  • Index is below breakeven level for first time since May 2020
  • Fed, costs have brought on ‘housing recession,’ economist says
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NAHB CEO Howard Fears 'Perfect Storm' for Housing
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A gauge of US homebuilder sentiment declined for an eighth-straight month, marking the worst stretch since the housing market collapsed in 2007 amid higher borrowing costs and elevated prices.

The National Association of Home Buyers/Wells Fargo gauge decreased by 6 points to 49 in August, figures showed Monday. The reading was worse than the most downbeat estimate in a Bloomberg survey of economists and below the breakeven measure of 50 for the first time since May 2020.