Builder Sentiment Hits All Time Low

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I’ve been out of the office all day today, but I had to follow up our earlier Housing post (Home Prices Seen “Far from Bottom”):

The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) slid to all time lows today:

“Reflecting profound uncertainties tied to the financial market shocks of recent weeks, builder confidence in the market for new single-family homes receded to a new record low this month. The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) declined three points to 14 in October after having edged up slightly in the previous month…”

Wow, messy.

As we said earlier, we are stillĀ  a long ways away from the bottom in housing . . .

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Sources:
Builder Sentiment Retreats In October
NAHB, 10/16/2008
http://www.nahb.org/news_details.aspx?sectionID=134&newsID=7972

HMI Chart and Components
10/16/2008
http://www.nahb.org/fileUpload_details.aspx?contentID=57939

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