Homebuilder Sentiments Low
Diana Heeb Bivona
The National Association of Home Builders (NAHB) is reporting that homebuilder sentiment slumped in May to its lowest since mid-1995. Rising mortgage rates, declining affordability and the retreat of speculators are factors being cited for the slump. The NAHB is predicting that new home sales will drop 12 percent this year from record sales of 1.3 million units last year. Among regional readings, the Northeast declined three points to 47, two points in the Midwest to 30, six points in the South to 51 and eight points in the West to 61.
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