National Association of Home Builders (NAHB) CEO Jerry Howard said there could be a “tough time ahead” for the industry unless certain policy measures are taken. He pointed to data showing that home builder confidence in the market for newly-built single-family homes dropped 12 points in July from the previous month, according to the NAHB/Wells Fargo Housing Market Index (HMI) released on Monday. That marked the seventh straight monthly decline.
July’s index reading was 55 points, down from 67 in June. The index ranges from 0 to 100, with any reading above 50 indicating positive sentiments, Fox News reported. July’s HMI reading was the lowest since May 2020. The 12-point monthly dip was the second-biggest in the history of the index behind the 42-point drop in April 2020, when markets were rattled by the COVID-19 pandemic.
Watch this video from Bloomberg talking with NAHB President Jerry Howard about the possibility of a recession.
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