Builders Confidence Hits Record Low In July
It looks like the builders are not happy as the Home Builders/Wells Fargo Housing Market Index hit an all time low of 16 for July, 2008. The 20 year old survey has never seen numbers this low, and in some regions the 16 is high. The Northeast came in with a 14, the Midwest a ungodly 10, and the West had a 13. The South lost a point and led the way with a 20.
Tough times for the builders.
Builder confidence in the market for newly built single-family homes fell for a third consecutive month in July, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. The HMI fell below its previous record low of 18 in June to a new record low of 16 in July, with each of its three component indexes also hitting record lows.
“The worsening housing slump and the near-meltdown in financial markets last week makes it even more urgent for Congress to complete action on the housing bill now, a move that will help stabilize and restore confidence in housing and the U.S. economy,” said NAHB President Sandy Dunn, a home builder from Point Pleasant, W.Va. via NAHB
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Comment by Steve Simon on 20 July 2008:
Anyone that is shocked by this ought to be in theropy!
The US economy cannot withstand much more of this almost $5 a gallon gas crisis.
The economy just isn’t built to absorb that kind of price for energy.
The T. Boone Pickens site tells you the truth, “This is the largest shift of wealth in the history of mankind”…
It is dreadful to thini that a handfull of gigantic companies steered us into this over the last thirty years or so, but that also seems to be a reality.
Listen to people who have been screaming about conspiracy for years (Google Lindsey Williams), your hair will stand on end.
Immediate and significant action must be taken or the downward spiral will rock our foundation..
I have been a licensed real estate instructor in the State of Florida for over twenty years. I have taught over ten thousand students the required courses for real estate licensure. I have never seen it this bad, and I see no help on the horizon…