Confidence among U.S. single-family home builders fell for a record 12th straight month in December as even a scramble to offer incentives for prospective buyers failed to boost traffic and lift sales in the current high-inflation environment.
Kicking off a week of key reports on the health of the foundering U.S. housing market, the National Association of Home Builders on Monday said its NAHB/Wells Fargo Housing Market Index dropped two points to 31 this month, falling short of the median estimate of 34 among economists in a Reuters poll. A reading above 50 indicates that more builders view conditions as good rather than poor.
The housing market has seen the most pronounced effects so far of the aggressive Federal Reserve interest rate hikes that are aimed at quashing inflation that continues to hold at unacceptably high levels. Interest rates on the most popular type of U.S. home loan topped 7% - the highest since 2001 - in October, and sales of new and existing homes tumbled by more than 30% from January through October.Since March, the U.S.
"The silver lining in this HMI report is that it is the smallest drop in the index in the past six months, indicating that we are possibly nearing the bottom of the cycle for builder sentiment," said Robert Dietz, NAHB's chief economist. "Mortgage rates are down from above 7% in recent weeks to about 6.3% today, and for the first time since April, builders registered an increase in future sales expectations.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
WTI Crude Oil:Weekly Forecast 18th December \u2013 24th DecemberWTI Crude Oil will begin its trading this coming week in the middle of its lower range as speculators wonder about recent price weakness: Forex Trading Forecast Profit
Leer más »
Homebuilder sentiment drops for the 12th straight month, but a bottom may be nearHomebuilder sentiment fell for the 12th straight month, but a bottom may be near
Leer más »
5 Uplifting Moments in Latin Music This Week (December 17)From Ryan Castro to Willy Chirino, here's what happened in the Latin music world this week.
Leer más »
Every Restaurant Opening and Closing This Week, December 10-16Reckless Noodles and other new eateries to try.
Leer más »
December 17, 2022 coverage of the World CupMorocco takes on Croatia to determine third place in the 2022 World Cup. Both defied expectations to make deep runs in Qatar. Follow for live updates on the match and more from the tournament.
Leer más »
Exploring San Diego: Things to do December 15 - 18Get ready to bundle up in your favorite holiday sweater and enjoy this weekend's festivities in San Diego County.
Leer más »