Homebuilder sentiment slipped for a second straight month in February as builders cited persistent affordability pressures, including high house price-to-income ratios, mortgage rates above six percent, and elevated land and construction costs.
The National Association of Home Builders/Wells Fargo Housing Market Index fell one point to 36 in February, the lowest level since September. Readings below 50 indicate more builders view conditions as poor than good.
Builders’ assessment of current sales conditions was unchanged, but expectations weakened. The index for current sales held at 41, while the gauge of sales expectations for the next six…
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