A plunge in homebuyer traffic for new homes drove down the level of confidence among the nation’s home builders for the second month in a row.

During February, the Housing Market Index came in at 65. An index of more than 50 indicates that more builders view conditions as good than poor.

But despite the favorable reading, the index was down for the second consecutive month from 67 in January though it was well above 58 in February 2016.

Source: Mortgage Daily