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…”
As we said earlier, we are still a long ways away from the bottom in housing . . .
Builder Sentiment Retreats In October
HMI Chart and Components