Home builders' confidence hits 14-year low
Homebuilder sentiment in the United States has fallen to its lowest level in approximately 14 and a half years, due to rising mortgage rates and energy-related material prices, along with labor shortages and the repercussions of the conflict in the Middle East. The builder confidence index dropped to 29 points in October, as the 30-year mortgage rate increased to 7.40%, the highest level in three years. This has led to a decline in home sales and a buildup of unsold homes, threatening the housing market and exacerbating affordability challenges—especially in the absence of legislation in Congress to address the crisis.
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