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I still believe this NAHB indicator lags by 60-90 days and that this will get worse before it gets better. Note the large 9 point drop in optimism out west, with a slight increase in optimism in the south. I think this echo's a continuing shift from west coast speculation to the south that started last year as many got priced out of the west, and has strengthened as inventories in the west have increased. No offense to those in the south, but I liken this to putting money into pets.com vs. yahoo.com in the late 90's. Money is now competing for locations that simply don't make investment sense.
NEW YORK, July 18 (Reuters) - U.S. homebuilder optimism plummeted to its lowest level in more than 14 years in July as buyers canceled contracts and investors continued their exit from housing.
See Reuters article at:
U.S. housing index at lowest since 1991 - NAHB
See NAHB press release at:
Builder Confidence Slips Again In July
NEW YORK, July 18 (Reuters) - U.S. homebuilder optimism plummeted to its lowest level in more than 14 years in July as buyers canceled contracts and investors continued their exit from housing.
See Reuters article at:
U.S. housing index at lowest since 1991 - NAHB
See NAHB press release at:
Builder Confidence Slips Again In July