U.S. homebuilder confidence drops to a seven-month low
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Golden Ten Data reported on April 15 that influenced by the Iran war pushing up mortgage rates and material costs, the confidence of US home builders fell in April to a seven-month low. Data from NAHB and Wells Fargo shows that the Housing Market Index fell by 4 points to 34. Indicators for current and future sales both deteriorated. The escalation of war in the Middle East has intensified the challenges home builders face, including high interest rates, labor shortages, and rising material prices, coinciding with the peak spring selling season. NAHB Chief Economist Dietz stated that 62% of builders said their suppliers increased building material costs due to rising fuel prices; 70% of builders said uncertainty about material costs is making home pricing difficult. The report showed a general fall in confidence among home builders across the US, with the Midwest dropping to its lowest level in more than a year.
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