Builder Confidence Hits New Low in October

WASHINGTON – Reflecting profound uncertainties tied to the recent financial market shockwave, builder confidence for new single-family homes receded to a new record low in October, according to the National Association of Home Builders.

The NAHB/Wells Fargo Housing Market Index declined three points to 14 in October after having edged up slightly in the previous month.

“Not surprisingly, builder confidence has taken a heavy hit from the recent financial market crisis,” said NAHB Chairman Sandy Dunn, a home builder from Point Pleasant, WV. “We applaud the coordinated efforts that have been undertaken to try to stem the panic on Wall Street and ease the impacts on Main Street, and we stand ready to support additional efforts to help stabilize housing and national economy going forward.”

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