U.S. builder confidence down 2 points in October

10/18, 4:01 PM (Source: TeleTrader.com)

Builder confidence in the United States for the newly built single-family homes decreased by 2 points to 63 in October, according to the National Association of Home Builders (NAHB) / Wells Fargo Housing Market Index (HMI) released on Tuesday.

Despite the fall, October builder confidence is the second highest reading this year behind the level recorded in September. NAHB Chairman Ed Brady commented on the slight drop saying it still "the housing recovery continues to make solid progress."

HMI reading above 50 indicates that more builders view conditions as good rather than poor.

Teletrader Newsroomroom / NP