The July National Assoc of Homebuilders index fell to a record low of 16, down 2 from June and vs the expectations of an unchanged reading.
Present conditions and future expectations both fell and the Prospective Buyers Traffic went to a new low, falling 4 points.
Buyers traffic did rise in the Northeast but fell sharply in the Midwest. The South and West also had declines. Aside from the reduction in the access to credit and drop in confidence, the weakening jobs market is now having its impact too.
Here is the official chart:
NAHB measures the strength of the single-family housing market each month through surveys of NAHB members.
I actually like Calculated Risk‘s chart much better — showing the recessions clarifies things:
NAHB/Wells Fargo Housing Market Index (HMI)
NAHB: Builder Confidence Declines to Record Low
Calculated Risk, July 16, 2008 http://calculatedrisk.blogspot.com/2008/07/nahb-builder-confidence-declines-to.html