National Home Builder Confidence Falls Again For June, 2007
The National Association of Home Builders has released their June, 2007 report on housing confidence and they got a vote of no confidence. The report shows declines in every major region of the country except the northeast, and those number are a small rebound from a disastrous May.
The chart attached shows the lack of confidence in the marketplace, as the numbers are the worst since 1991. The South saw a 1 point decline to 32, the West fell 5 points to 27, and the Midwest dropped 3 points to 21. Only the Northeast rose 3 points to a national high of 35, but that is after the aforementioned 6 point drop last month.
Yikes!
Ongoing concerns about subprime-related problems in the mortgage market and newfound concerns about rising prime mortgage rates caused builder confidence to decline two more points in June, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), released today. With a reading of 28, the HMI now is at the lowest level in its current cycle and has reached the lowest point since February 1991. via NAHB
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Comment by havensofmanhattan on 19 June 2007:
I read the article on the NAHB site and it seems that they see the problem as not enough new home starts. From what I’ve seen the problem seems more about getting rid of old inventory and the interest burden from carrying it.