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8/15, 4:31 PM (Source: TeleTrader)
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US builder confidence falls for eighth consecutive month

United States builder confidence dropped for the eighth consecutive month in August, the National Association of Home Builders (NAHB) said Monday. The report noted that the result is mainly driven by elevated interest rates, persistent supply chain issues, and high housing prices.

Builder confidence in the market for newly-built single-family homes slipped six points in August to 49, "marking the first time since May 2020 that the index fell below the key break-even measure of 50."

"Tighter monetary policy from the Federal Reserve and persistently elevated construction costs have brought on a housing recession," said NAHB Chief Economist Robert Dietz.

Baha Breaking News (BBN) / JG