A major housing indicator just flashed its most negative reading in 14 years
Source: Business Insider ·
Homebuilder sentiment fell to its lowest level since June 2012, attesting to how builders are under pressure as more buyers are pushed to the sidelines.
From the source
Homebuilder sentiment fell to its lowest level in 14 years in October, according to the National Association of Home Builders.Joshua Lott/Bloomberg via Getty ImagesHomebuilder sentiment has plunged, the latest signal that the housing market is in rough shape. Sentiment dropped to 29 in October, its lowest level in 14 years, the NAHB said.The decline reflects pressures from slowing sales, higher mortgage rates, and higher building costs.The mood among America's homebuilders is grim. Homebuilder sentiment fell three points to 29 in October, according to the National Association of Home Builders/Wells Fargo Housing Market Index.October's reading marks the lowest homebuilder sentiment the US has seen since June 2012, the NAHB said, when the housing market was still moving through the aftermath of the 2008 crisis. It shows just how much builders have soured on the housing landscape amid rising costs and a record-breaking slowdown in home sales.Here's what explains the decline:The housing…
BestAIBroker analysis
- Finance-aware sentiment: negative (-0.60 on a -1 to +1 scale).
- Event classification: OTHER.
- Market importance score: 30/100, weighting entity relevance, source credibility, multi-outlet coverage and recency.
- Symbols referenced: A.