Homebuilder Sentiment Slides, Biggest Miss Since Feb As Buyer Traffic Plunges
by Tyler Durden
ZeroHedge.com
10/16/2014
Surprise! Having been fooled twice before in the last housing bubble by the NAHB’s persistent optimism in the face of dismal realities, it appears October was the beginning of a breaking point in realtor confidence. The headline sentiment index dropped to 54, missing extrapolated expectations of 59, led by a collapse in prospective buyers traffic (from 47 to 41). The headline 54 level is below the lowest estimate of 56 from 52 economists surveyed. Both present and future sales sub-indices also dropped but have no fear, as the NAHB notes, “while there was a dip this month, builders are still positive about the housing market,” as cheaper borrowing costs may help draw more prospectiev buyers into the market (umm yeah that hasn’t worked).
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