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Builder Confidence Continues Retreat from 2014 Levels

Monday, March 16, 2015

Builder confidence in the market for newly built, single family homes has declined to its lowest level in nine months.  The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index fell two points to 53 in March, an HPI level last seen in July 2014.  In was the third time in as many months that the HPI has declined, coming off of the 2014 high of 58 posted in the last two months of the year.

 "The drop in builder confidence is largely attributable to supply chain issues, such as lot and labor shortages as well as tight underwriting standards," said NAHB Chief Economist David Crowe. "These obstacles notwithstanding, we are expecting solid gains in the housing market this year, buoyed by sustained job growth, low mortgage interest rates and pent-up demand."

 

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