We’re Enduring ‘Housing Recession,’ Homebuilders’ Economist Says

The housing market is in trouble, as prices and mortgage rates remain elevated.

So it’s no surprise that builder confidence fell for the eighth straight month in August, marking the worst period since the housing crisis began in 2007.

The National Association of Home Builders/Wells Fargo index of builder confidence slid 6 points in August from July to 49, breaching the break-even measure of 50 for the first time since May 2020, early in the covid pandemic.

“Elevated interest rates, ongoing supply chain problems and high home prices continue to exacerbate housing affordability challenges,” the NAHB said in a statement. It’s “another sign that a declining housing market has failed to bottom out.”


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