Posted To: MND NewsWire

The latest National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) dropped 2 points in June. The Index, a measure of home builders’ confidence in the market for newly built homes, fell to 81, its lowest reading since last August. There was no change in the Index from April to May. “Higher costs and declining availability for softwood lumber and other building materials pushed down builder sentiment in June,” said NAHB Chairman Chuck Fowke, himself a custom home builder. “These higher costs have moved some new homes beyond the budget of prospective buyers, which has slowed the strong pace of home building. Policymakers need to focus on supply-chain issues in order to allow the economic recovery to continue.” Derived from a monthly survey that NAHB has been conducting…(read more)

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Source: Mortgage News Daily