According to the National Association of Home Builders/Wells Fargo Housing Market Index, U.S. homebuilder confidence dropped 4 points in October to 40, marking the third consecutive month builder confidence has declined.
By the index’s standards, any sentiment underneath 50 is considered negative.
October’s numbers signal the lowest homebuilder confidence seen in the United States in 10 months.
Analysts say the declining confidence comes as mortgage rates continue surging nationwide and price potential homebuyers out of the market.
