The U.S. housing recession is deepening.
The National Association of Home Builders (NAHB) published the Housing Market Index data for December.
The number? Thirty one, down from 33 in November. The market consensus was 34.
This represented the 12th consecutive monthly decline in sliding confidence for homebuilders. It was also the lowest reading since 2012 amid rising interest rates and housing affordability.
Current sales conditions, sales expectations, and traffic of prospective buyers weakened.
“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 NAHB chief economist Robert Dietz.
So, has the housing correction/crash/downturn hit bottom?
Perhaps. But we will get a better sense once the mortgage renewals are due!
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