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 8/15/07 For Aug 2007 | ||||||||
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Highlights
The National Association of Home Builders index keeps tumbling, down another 2 points to 22 in August -- a 16-year low. Declines were centered in the buyer-traffic component, perhaps reflecting buyer disinterest given reports of housing weakness against still relatively firm prices. The report repeated that credit tightening is weighing on the confidence of builders, who it said are trimming prices and stepping up non-price incentives. Today's report is yet another negative for the housing sector. One of the few positives have been mortgage bankers' data, but this morning's MBA report warned that readings from its sample may have been skewed upward by dislocations in the mortgage market. Treasuries firmed slightly in immediate reaction to the report.
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