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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