The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) took the type of dip yesterday that leaves stomachs trailing behind.
"Builder confidence plunged in July as high inflation and increased interest rates stalled the housing market by dramatically slowing sales and buyer traffic," NAHB wrote. "In a further sign of a weakening housing market, builder confidence in the market for newly built single-family homes posted its seventh straight monthly decline in July, falling 12 points to 55."
The only time the index has dropped more sharply in its history was April 2020 at the beginning of the pandemic when it fell by 42 points.
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