Homebuilder confidence down in June

Looks like someone forgot to tell Chicago developers, who continue to roll out hundreds of new housing units, but homebuilder confidence is at its lowest level since 1995, according to a new report. The National Association of Homebuilders / Wells Fargo Housing Market Index hit 42 in June, four points below May’s upwardly revised number.

In a cautiously and confusingly worded statement, NAHB chief economist David Seiders said the drop in confidence is in line with a “reasonably orderly cooling-down process” for the housing market. He expects new-home sales to be down around 13 percent from 2005.

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