Home building remains weak
Housing Market index drops to 14. "Buyer traffic" index remains near record lows.
Today, the National Association of Home Builders (NAHB) released their latest Housing Market Index (HMI) showing that all measures declined in September with the composite HMI index falling to 14 while the "buyer traffic" index remained near record lows as home builders continue to plod through the weakest activity seen in generations.
It's interesting to note that assessments of future conditions appears to be trending back down to series lows apparently indicating that respondents are growing more pessimistic about future conditions.
The new home market will likely not resume any significant form of healthy function until the considerable overhang of inventory is cleared.
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