The National Association of Home Builders produces a housing market index based on a survey in which respondents from this organization are asked to rate the general economy and housing market conditions. The housing market index is a weighted average of separate diffusion indexes: present sales of new homes, sale of new homes expected in the next six months, and traffic of prospective buyers in new homes. (National Association of Home Builders/Wells Fargo) Why Investors Care
| Released on 7/17/07 For Jul 2007 | ||||||||
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Highlights
NAHB's housing market index continues to signal deteriorating conditions, at 24 in July vs. 28 in June. The latest reading is the lowest in 16 years. All components fell in the month: single-family sales 24 vs. 29; next six months 34 vs. 39; prospective buyer traffic 19 vs. 22. Importantly, the report said tighter lending standards and related concerns over sub-prime lending are hurting builder confidence. The report also cited higher interest rates as a factor. Ben Bernanke in tomorrow's testimony in Washington is certain to address the housing slowdown and may very well address weakness in this specific report. Treasuries firmed in immediate reaction to the results which deepen questions over the housing sector.
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